N.Y. UCC Law § 7-508
This is the official text of N.Y. UCC Law § 7-508, 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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Warranties of Collecting Bank as to Documents of Title
Official statutory text
Section 7--508. Warranties of Collecting Bank as to Documents of Title.\n A collecting bank or other intermediary known to be entrusted with\ndocuments of title on behalf of another or with collection of a draft or\nother claim against delivery of documents warrants by the delivery of\nthe documents only its own good faith and authority even if the\ncollecting bank or other intermediary has purchased or made advances\nagainst the claim or draft to be collected.\n
Status: in_force · Read it on the official government site
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