Me. Stat. tit. 11 § 7-1507

Current through 131st (2023-2024) Legislature Chapter 634

Section 7-1507 - 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 7-1508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that: [2009, c. 324, Pt. A, §2 (NEW); 2009, c. 324, Pt. A, §4 (AFF).]

(1). The document is genuine;

[2009, c. 324, Pt. A, §2 (NEW); 2009, c. 324, Pt. A, §4 (AFF).]

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

[2009, c. 324, Pt. A, §2 (NEW); 2009, c. 324, Pt. A, §4 (AFF).]

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

[2009, c. 324, Pt. A, §2 (NEW); 2009, c. 324, Pt. A, §4 (AFF).]

11 M.R.S. § 7-1507

2009, c. 324, Pt. A, §2 (NEW) . 2009, c. 324, Pt. A, §4 (AFF) .