Delaware Code Title 6 Sec. 7-507 – Warranties on negotiation or delivery of document of title
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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.
5A Del. C. 1953, §§ ?7-507; 55 Del. Laws, c. 349; 74 Del. Laws, c. 332, § ?39;
Terms Used In Delaware Code Title 6 Sec. 7-507
- Document: means :
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Delaware Code Title 6 Sec. 7-102
- Knowledge: means a person's actual knowledge of a fact, rather than the person's constructive knowledge of the fact. See Delaware Code Title 6 Sec. 17-101
- Person: means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See Delaware Code Title 6 Sec. 17-101