New Jersey Statutes 12A:7-507. Warranties on negotiation or delivery of document of title
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Terms Used In New Jersey Statutes 12A:7-507
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See New Jersey Statutes 12A:7-102
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
12A:7-507. Warranties On Negotiation or Delivery of Document of Title.
If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under 12A:7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:
(1) the document is genuine;
(2) the transferor does not have knowledge of any fact that would impair the document’s validity or worth; and
(3) the negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.
L.2013, c.65, s.2.