Utah Code 70A-7a-508. Warranties of collecting bank as to documents of title
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Terms Used In Utah Code 70A-7a-508
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Utah Code 70A-7a-102
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.
Enacted by Chapter 42, 2006 General Session