N.J. Stat. § 12A:7-507

Current through L. 2024, c. 87.

Section 12A: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 12A: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.J.S. § 12A:7-507

Amended by L., c. 65,s. 2, eff. 7/1/2013.

L.1961, c.120, s.7-507.