N.Y. UCC Law § 2-506
This is the official text of N.Y. UCC Law § 2-506, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Rights of Financing Agency
Official statutory text
Section 2--506. Rights of Financing Agency.\n (1) A financing agency by paying or purchasing for value a draft which\nrelates to a shipment of goods acquires to the extent of the payment or\npurchase and in addition to its own rights under the draft and any\ndocument of title securing it any rights of the shipper in the goods\nincluding the right to stop delivery and the shipper's right to have the\ndraft honored by the buyer.\n (2) The right to reimbursement of a financing agency which has in good\nfaith honored or purchased the draft under commitment to or authority\nfrom the buyer is not impaired by subsequent discovery of defects with\nreference to any relevant document which was apparently regular.\n
Status: in_force · Read it on the official government site
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