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.
Cal. Com. Code § 7508
Warehouse Receipts and Bills of Lading: Negotiation and Transfer
Known as the Uniform Commercial Code
The act spans §§ 1101–12107 (623 sections).
Repealed and added by Stats. 2006, Ch. 254, Sec. 49
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.