Maine Revised Statutes Title 11 Sec. 7-1505 – Indorser not guarantor for other parties
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Terms Used In Maine Revised Statutes Title 11 Sec. 7-1505
- Bailee: means a person that by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. See Maine Revised Statutes Title 11 Sec. 7-1102
The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 2009, c. 324, Pt. A, §2 (NEW). PL 2009, c. 324, Pt. A, §4 (AFF).