Michigan Laws 440.7208 – Alteration of warehouse receipts
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 440.7208
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.7102
- Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Michigan Laws 440.7102
- Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201
- Warehouse: means a person engaged in the business of storing goods for hire. See Michigan Laws 440.7102
- Warehouse receipt: means a document of title issued by a person engaged in the business of storing goods for hire. See Michigan Laws 440.1201
If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according to its original tenor.