Where a person negotiates or delivers a document for value otherwise than as a mere intermediary under § 8.7-508, then, unless otherwise agreed, he warrants to his immediate purchaser, in addition to any warranty made in selling or leasing the goods, that:

Terms Used In Virginia Code 8.7-507

  • Document: means document of title as defined in the general definitions in Title 8. See Virginia Code 8.7-102
  • Goods: means all things that are treated as movable for the purposes of a contract of storage or transportation. See Virginia Code 8.7-102
  • Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230

(a) the document is genuine; and

(b) he has no knowledge of any fact that would impair the document’s validity or worth; and

(c) his negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.

Code 1950, § 61-47; 1964, c. 219; 2004, c. 200.

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