S.C. Code § 36-7-507

Current through 2024 Act No. 225.

Section 36-7-507 - 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 36-7-508, then unless otherwise agreed the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:

(1) the document is genuine;

(2) the transferor does not have knowledge of any fact that would impair the document's validity or worth; and

(3) the negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.

S.C. Code § 36-7-507

Amended by 2014 S.C. Acts, Act No. 213 (SB 343), s 2, eff. 10/1/2014.

1966 (54) 2716; 1962 Code Section 10.7-507.

2014 Act No. 213, Section 51, provides as follows:

"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."