(1) The following rules apply to a negotiable tangible document: (a) If the document’s original terms run to the order of a named person, the document is negotiated by his endorsement and delivery. After his endorsement in blank or to bearer any person can negotiate the document by delivery alone. (b) If the document’s original […]
(1) Subject to §§ 8.7-205 and 8.7-503, a holder to whom a negotiable document has been duly negotiated acquires thereby: (a) title to the document; (b) title to the goods; (c) all rights accruing under the law of agency or estoppel, including rights to goods delivered to the bailee after the document was issued; and […]
(1) A document confers no right in goods against a person who before issuance of the document had a legal interest or a perfected security interest in them and who neither: (a) delivered or entrusted them or any document covering them to the bailor or his nominee with (i) actual or apparent authority to ship, […]
(1) A transferee of a document, whether negotiable or nonnegotiable, to whom the document has been delivered but not duly negotiated, acquires the title and rights that his transferor had or had actual authority to convey. (2) In the case of a nonnegotiable document, until but not after the bailee receives notification of the transfer, […]
The endorsement of a tangible document issued by a bailee does not make the endorser liable for any default by the bailee or by previous endorsers. Code 1950, § 61-48; 1964, c. 219; 2004, c. 200.
The transferee of a negotiable document has a specifically enforceable right to have his transferor supply any necessary endorsement but the transfer becomes a negotiation only as of the time the endorsement is supplied. Code 1950, § 61-46; 1964, c. 219; 2004, c. 200.
Where a person negotiates or delivers a document for value otherwise than as a mere intermediary under § 8.7-508, then, unless otherwise agreed, he warrants to his immediate purchaser, in addition to any warranty made in selling or leasing the goods, that: (a) the document is genuine; and (b) he has no knowledge of any […]
A collecting bank or other intermediary known to be entrusted with documents on behalf of another or with collection of a draft or other claim against delivery of documents warrants by such delivery of the documents only its own good faith and authority. This rule applies even though the intermediary has purchased or made advances […]
Whether a document is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is governed by the titles on sales (Title 8.2), leases (Title 8.2A), or letters of credit (Title 8.5A). 1964, c. 219; 2004, c. 200.
