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

Terms Used In Iowa Code 554.7404

  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
 2. the person to which the bailee delivered the goods did not have authority to receive the goods.
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