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.

Terms Used In Illinois Compiled Statutes 810 ILCS 5/7-404

  • 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 Illinois Compiled Statutes 810 ILCS 5/7-102
  • Good faith: means honesty in fact and the
    •     
    observance of reasonable commercial standards of fair dealing. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Goods: means all things that are treated as
    •     
    movable for the purposes of a contract for storage or transportation. See Illinois Compiled Statutes 810 ILCS 5/7-102
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