Ohio Code 1307.508 – Warranties of collecting bank as to documents of title – UCC 7-508
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Warranties of collecting bank as to documents of title [UCC 7-508]
Terms Used In Ohio Code 1307.508
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
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.