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Home » US Law » 2022 Utah Code » Title 70A - Uniform Commercial Code » Chapter 7a - Uniform Commercial Code - Documents of Title » Part 5 - Warehouse Receipts and Bills of Lading - Negotiation and Transfer

Section 501 – Form of negotiation and requirements of due negotiation.

70A-7a-501. 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 to […]

Section 502 – Rights acquired by due negotiation.

70A-7a-502. Rights acquired by due negotiation. (1) Subject to Sections 70A-7a-205 and 70A-7a-503, a holder to which a negotiable document of title 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 […]

Section 503 – Document of title to goods defeated in certain cases.

70A-7a-503. 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 of […]

Section 505 – Indorser not guarantor for other parties.

70A-7a-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. Enacted by Chapter 42, 2006 General Session

Section 506 – Delivery without indorsement — Right to compel indorsement.

70A-7a-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. Enacted by Chapter 42, 2006 General Session

Section 507 – Warranties on negotiation or delivery of document of title.

70A-7a-507. 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 70A-7a-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that: […]

Section 508 – Warranties of collecting bank as to documents of title.

70A-7a-508. 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 […]

Section 509 – Adequate compliance with commercial contract.

70A-7a-509. 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 Chapter 2, Uniform Commercial Code – Sales, 2a, Uniform Commercial Code – Leases, or 5, Uniform Commercial Code […]