Nevada Revised Statutes 104.7503 – Document of title to goods defeated in certain cases
1. 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:
Terms Used In Nevada Revised Statutes 104.7503
- Carrier: means a person that issues a bill of lading. See Nevada Revised Statutes 104.7102
- Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Nevada Revised Statutes 104.7102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Nevada Revised Statutes 104.7102
- Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Nevada Revised Statutes 104.7102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Statute: A law passed by a legislature.
- Warehouse: means a person engaged in the business of storing goods for hire. See Nevada Revised Statutes 104.7102
(a) Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with:
(1) Actual or apparent authority to ship, store or sell;
(2) Power to obtain delivery under NRS 104.7403; or
(3) Power of disposition under NRS 104.2403, 104.9320, subsection 3 of NRS 104.9321, subsection 2 of NRS 104A.2304 or subsection 2 of NRS 104A.2305, or other statute or rule of law; or
(b) Acquiesce in the procurement by the bailor or its nominee of any document.
2. Title to goods based upon an unaccepted delivery order is subject to the rights of any person to whom a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under NRS 104.7504 to the same extent as the rights of the issuer or a transferee from the issuer.
3. Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to whom a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with NRS 104.7401 to 104.7404, inclusive, pursuant to its own bill of lading discharges the carrier’s obligation to deliver.