Illinois Compiled Statutes 810 ILCS 5/7-503 – Document of title to goods defeated in certain cases
Current as of: 2024 | Check for updates
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(a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not:
(1) deliver or entrust the goods or any document of
(1) deliver or entrust the goods or any document of
title covering the goods to the bailor or the bailor’s nominee with:
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(A) actual or apparent authority to ship, store,
or sell;
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(B) power to obtain delivery under Section 7-403;
or
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(C) power of disposition under Section 2-403,
2A-304(2), 2A-305(2), 9-320, or 9-321(c) or other statute or rule of law; or
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(2) acquiesce in the procurement by the bailor or its
nominee of any document.
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(b) Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under Section 7-504 to the same extent as the rights of the issuer or a transferee from the issuer.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/7-503
- Carrier: means a person that issues a bill of
lading. See Illinois Compiled Statutes 810 ILCS 5/7-102 | |||||||||||
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