§7-1501. Form of negotiation and requirements of due negotiation (1). The following rules apply to a negotiable tangible document of title. (a). 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 […]
§7-1502. Rights acquired by due negotiation (1). Subject to sections 7‑1205 and 7‑1503, a holder to which a negotiable document of title has been duly negotiated acquires thereby: (a). Title to the document; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). Title to the […]
§7-1503. Document of title to goods defeated in certain cases (1). 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: (a). Deliver or entrust the goods or any document […]
§7-1504. Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery (1). 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. [PL 2009, […]
§7-1505. 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. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] SECTION HISTORY PL 2009, […]
§7-1506. 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. [PL 2009, c. 324, Pt. A, §2 (NEW); PL […]
§7-1507. Warranties on negotiation or delivery of document of title If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under section 7-1508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that: […]
§7-1508. Warranties of collecting bank as to documents of title A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority […]
§7-1509. Adequate compliance with commercial contract Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease or the conditions of a letter of credit is determined by Article 2, 2‑A or 5. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, […]
