California Commercial Code 7508 – A collecting bank or other intermediary known to be entrusted with …
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A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.
(Repealed and added by Stats. 2006, Ch. 254, Sec. 49. Effective January 1, 2007.)
Terms Used In California Commercial Code 7508
- Bank: means a person engaged in the business of banking, and includes a savings bank, savings and loan association, credit union, and trust company. See California Commercial Code 1201
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See California Commercial Code 7102