N.Y. Uniform Commercial Code 7-507 – Warranties on Negotiation or Delivery of Document of Title
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Section 7–507. Warranties on Negotiation or Delivery of Document of
Terms Used In N.Y. Uniform Commercial Code 7-507
- 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
Title.
If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 7–508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:
(1) the document is genuine;
(2) the transferor does not have knowledge of any fact that would impair the document's validity or worth; and
(3) the negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.