Ind. Code § 26-1-7-507
This is the official text of Ind. Code § 26-1-7-507, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Warranties on negotiation or transfer of receipt or bill
Official statutory text
Sec. 507. If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under section 508 of this chapter, 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 has no 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.
Formerly: Acts 1963, c.317, s.7-507. As amended by P.L.152-1986, SEC.260; P.L.143-2007, SEC.58.
(1) the document is genuine;
(2) the transferor has no 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.
Formerly: Acts 1963, c.317, s.7-507. As amended by P.L.152-1986, SEC.260; P.L.143-2007, SEC.58.
Status: in_force · Read it on the official government site
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