N.Y. U.C.C. 7-203

Section 7--203. Liability for Nonreceipt or Misdescription.\n A party to, or purchaser for, value in good faith of a document of\ntitle, other than a bill of lading, that relies upon the description of\nthe goods in the document may recover from the issuer damages caused by\nthe nonreceipt or misdescription of the goods, except to the extent\nthat:\n (1) the document conspicuously indicates that the issuer does not know\nwhether all or part of the goods in fact were received or conform to the\ndescription, such as a case in which the description is in terms of\nmarks or labels or kind, quantity, or condition, or the receipt or\ndescription is qualified by "contents, condition, and quality unknown",\n"said to contain", or words of similar import, if the indication is\ntrue; or\n (2) the party or purchaser otherwise has notice of the nonreceipt or\nmisdescription.\n