Kentucky Statutes 355.7-507 – Warranties on negotiation or delivery of document of title
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If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under KRS § 355.7-508, unless otherwise agreed, the transferor warrants to its immediate purchaser only in addition to any warranty made in selling or leasing the goods 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.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 36, effective July 12,
2012. — Created 1958 Ky. Acts ch. 77, sec. 7-507, effective July 1, 1960.
(1) The document is genuine;
Terms Used In Kentucky Statutes 355.7-507
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Kentucky Statutes 355.7-102
(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.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 36, effective July 12,
2012. — Created 1958 Ky. Acts ch. 77, sec. 7-507, effective July 1, 1960.