810 ILCS 5/7-507

Current through Public Act 103-1052

Section 810 ILCS 5/7-507 - 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.

810 ILCS 5/7-507

Amended by P.A. 095-0895,§ 10, eff. 1/1/2009.

Laws 1961, p. 2101.