13 Guam Code Ann. § 7503
Terms Used In 13 Guam Code Ann. § 7503
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Statute: A law passed by a legislature.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(a) Delivered nor entrusted them nor any document of title covering them to the bailor or his nominee with actual or apparent authority to ship, store or sell or with power to obtain delivery under this division (Section 7403) or with power of disposition under this code (Section 2403 and 9307) or other statute or rule of law, nor
(b) Acquiesced in the procurement by the bailor or his nominee of any document of title.
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13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 7 WAREHOUSE RECEIPTS, BILLS OF LADING AND OTHER DOCUMENTS OF TITLE
(2) Title to goods based upon an unaccepted delivery order is subject to the rights of anyone to whom a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. Such a title may be defeated under the next section to the same extent as the rights of the issuer or a transferee from the issuer.
(3) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of anyone to whom a bill issued by the freight forwarder is duly negotiated; but delivery by the carrier in accordance with Chapter 4 of this division pursuant to its own bill of lading discharges the carrier’s obligation to deliver.
COMMENT: Sections 7102, 7502 and 7503 include references to Adelivery orders@ and conform in this regard to their counterparts in the 1972 Official Text of
the Uniform Commercial Code. For the purpose and effect of these provisions, see the Official Comments. California omitted all references to delivery orders but, as noted by the Permanent Editorial Board, such omission does not do away with delivery orders but simply leaves a hiatus in the law as to the proper manner of dealing with them. For further discussion, see Report of the Permanent Editorial Board for the Uniform Commercial Code quoted in West Ann. Cal. Comm. Code
7102, California Code Comment (Supp. 1975).