Effective – 28 Aug 2017, 2 histories 400.7-501. Form of negotiation and requirements of “due negotiation”. — (a) The following rules apply to a negotiable tangible document of title: (1) 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 […]
Effective – 28 Aug 2017, 2 histories 400.7-502. Rights acquired by due negotiation. — (a) Subject to sections 400.7-205 and 400.7-503, a holder to which a negotiable document of title has been duly negotiated acquires thereby: (1) title to the document; (2) title to the goods; (3) all rights accruing under the law of agency […]
Effective – 28 Aug 2017, 2 histories 400.7-503. Document of title to goods defeated in certain cases. — (a) 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: (1) deliver […]
Effective – 28 Aug 2017, 2 histories 400.7-504. Rights acquired in the absence of due negotiation — effect of diversion — seller’s stoppage of delivery. — (a) 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 […]
Effective – 28 Aug 2017, 2 histories 400.7-505. Indorser not a 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. ——– (L. 1963 p. 503 § 7-505, A.L. 2017 H.B. 34)
Effective – 28 Aug 2017, 2 histories 400.7-506. 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. ——– […]
Effective – 28 Aug 2017, 2 histories 400.7-507. Warranties on negotiation or transfer of receipt or bill. — If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under section 400.7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the […]
Effective – 28 Aug 2017, 2 histories 400.7-508. Warranties of collecting bank as to documents. — 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 […]
Effective – 28 Aug 2017, 2 histories 400.7-509. Receipt or bill — when 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, 2A, or 5. […]
