Wisconsin Statutes 407.507 – Warranties on negotiation or delivery of document of title
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If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under s. 407.508, unless otherwise agreed, the transferor warrants to its immediate purchaser only in addition to any warranty made in selling or leasing the goods that all of the following apply:
Terms Used In Wisconsin Statutes 407.507
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Wisconsin Statutes 407.102
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) The document is genuine.
(2) The transferor does not have knowledge of any fact that would impair the document’s validity or worth.
(3) The negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.