N.Y. Uniform Commercial Code 7-404 – No Liability for Good-Faith Delivery Pursuant to Document of Title
Current as of: 2024 | Check for updates
|
Other versions
Section 7–404. No Liability for Good-Faith Delivery Pursuant to
Terms Used In N.Y. Uniform Commercial Code 7-404
- Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See N.Y. Uniform Commercial Code 7-102
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See N.Y. Uniform Commercial Code 7-102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See N.Y. Uniform Commercial Code 7-102
Document of Title.
A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this article is not liable for the goods even if:
(1) the person from which the bailee received the goods did not have authority to procure the document or to dispose of the goods; or
(2) the person to which the bailee delivered the goods did not have authority to receive the goods.