Iowa Code 554.7507 – Warranties on negotiation or delivery of document of title
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Terms Used In Iowa Code 554.7507
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
554.7507 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 § 554.7508, 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.
[S13, §3138-a44, -b34, -b36; C24, 27, 31, 35, 39, §8279, 8281, 9704, 9965; C46, 50, 54, 58,
62, §487.35, 487.37, 542.44, 554.37; C66, 71, 73, 75, 77, 79, 81, §554.7507]
2007 Acts, ch 30, §37, 45, 46
If a person negotiates or delivers a document of title for value otherwise than as a mere
intermediary under § 554.7508, 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.
[S13, §3138-a44, -b34, -b36; C24, 27, 31, 35, 39, §8279, 8281, 9704, 9965; C46, 50, 54, 58,
62, §487.35, 487.37, 542.44, 554.37; C66, 71, 73, 75, 77, 79, 81, §554.7507]
2007 Acts, ch 30, §37, 45, 46