ORS 77.5070

Known as the Uniform Commercial Code

The act spans §§ 77–77 (42 sections).

Applied in 1 court decision — leading case Andy Marine, Inc. v. Zidell, Inc. (1987)

Most recently applied in Andy Marine, Inc. v. Zidell, Inc. (March 1987)

1961 c.726 §77.5070; 2009 c.181 §83

If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under ORS 77.5080, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to the immediate purchaser only 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.

Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.