Section 440.7602 - Judicial process; surrender of document of title; innocent purchaser for value.
UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962
440.7602 Judicial process; surrender of document of title; innocent purchaser for value.
Sec. 7602.
Except where the document was originally issued upon delivery of the goods by a person who had no power to dispose of them, no lien attaches by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstanding unless the document be first surrendered to the bailee or its negotiation enjoined, and the bailee shall not be compelled to deliver the goods pursuant to process until the document is surrendered to him or impounded by the court. One who purchases the document for value without notice of the process or injunction takes free of the lien imposed by judicial process.
History: 1962, Act 174, Eff. Jan. 1, 1964