Michigan Laws 440.7508 – Documents of title; warranties of collecting bank
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 440.7508
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.1201
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.7102
A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.