Connecticut General Statutes 42a-7-508 – Warranties of collecting bank as to documents of title
Current as of: 2024 | Check for updates
|
Other versions
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.
Terms Used In Connecticut General Statutes 42a-7-508
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Connecticut General Statutes 42a-7-102