13 Pa. C.S. § 7507

Current through Pa Acts 2024-52, 2024-56

Section 7507 - 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 7508 (relating to warranties of collecting bank as to documents of title), unless otherwise agreed, the transferor warrants to its immediate purchaser only in addition to any warranty made in selling or leasing the goods 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.

13 Pa.C.S. § 7507

2008, April 16, P.L. 57, No. 13, §13, effective in 60 days [ 6/16/2008].