N.Y. U.C.C. 2-506

Section 2--506. Rights of Financing Agency.\n (1) A financing agency by paying or purchasing for value a draft which\nrelates to a shipment of goods acquires to the extent of the payment or\npurchase and in addition to its own rights under the draft and any\ndocument of title securing it any rights of the shipper in the goods\nincluding the right to stop delivery and the shipper's right to have the\ndraft honored by the buyer.\n (2) The right to reimbursement of a financing agency which has in good\nfaith honored or purchased the draft under commitment to or authority\nfrom the buyer is not impaired by subsequent discovery of defects with\nreference to any relevant document which was apparently regular.\n