Section 440.7508 - Documents of title; warranties of collecting bank.
UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962
440.7508 Documents of title; warranties of collecting bank.
Sec. 7508.
A collecting bank or other intermediary known to be entrusted with documents on behalf of another or with collection of a draft or other claim against delivery of documents warrants by such delivery of the documents only its own good faith and authority. This rule applies even though the intermediary has purchased or made advances against the claim or draft to be collected.
History: 1962, Act 174, Eff. Jan. 1, 1964