N.Y. U.C.C. Law § 7-507

Current through 2024 NY Law Chapters 1-59 and 61-121

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

(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.

N.Y. U.c.c. Law § 7-507

Added by New York Laws 2014, ch. 505,Sec. 23, eff. 12/17/2014.