- Where a person negotiates or transfers a document of title for value otherwise than as a mere intermediary under the next following section, then unless otherwise agreed he warrants to his immediate purchaser only in addition to any warranty made in selling the goods
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(a) that the document is genuine; and
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(b) that he has no knowledge of any fact which would impair its validity or worth; and
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(c) that his negotiation or transfer is rightful and fully effective with respect to the title to the document and the goods it represents.
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