§ 47-7-502. Rights Acquired by Due Negotiation
Subject to §§ 47-7-205 and 47-7-503, a holder to which a negotiable document of title has been duly negotiated acquires thereby: Title to the document; Title to the goods; All rights accruing under the law of agency or estoppel, including rights to goods delivered to the bailee after the document was issued; and The direct […]
§ 47-7-503. Document of Title to Goods Defeated in Certain Cases
A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not: Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with: […]
§ 47-7-504. Rights Acquired in Absence of Due Negotiation — Effect of Diversion — Stoppage of Delivery
A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual authority to convey. In the case of a transfer of a nonnegotiable document of title, until but not after the bailee […]
§ 47-7-505. Indorser Not Guarantor for Other Parties
The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers.
§ 47-7-506. Delivery Without Indorsement — Right to Compel Indorsement
The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied.
§ 47-7-401. Irregularities in Issue of Receipt or Bill or Conduct of Issuer
The obligations imposed by this chapter on an issuer apply to a document of title even if: The document does not comply with the requirements of this chapter or of any other statute, rule, or regulation regarding its issuance, form, or content; The issuer violated laws regulating the conduct of its business; The goods covered […]
§ 47-7-402. Duplicate Document of Title — Overissue
A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue of documents for fungible goods, substitutes for lost, […]
§ 47-7-403. Obligation of Bailee to Deliver — Excuse
A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subsections (b) and (c), unless and to the extent that the bailee establishes any of the following: Delivery of the goods to a person whose receipt was rightful as against the claimant; Damage to or […]
§ 47-7-404. No Liability for Good-Faith Delivery Pursuant to Document of Title
A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this chapter is not liable for the goods even if: The person from which the bailee received the goods did not have authority to procure the […]
§ 47-7-501. Form of Negotiation and Requirements of Due Negotiation
The following rules apply to a negotiable tangible document of title: If the document’s original terms run to the order of a named person, the document is negotiated by the named person’s indorsement and delivery. After the named person’s indorsement in blank or to bearer, any person may negotiate the document by delivery alone; If […]