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.
S.C. Code Ann. § 36-7-508
Warranties of collecting bank as to documents of title
Known as the Uniform Commercial Code
The act spans §§ 36–36 (519 sections).
1962 Code SECTION 10.7-508; 1966 (54) 2716; 2014 Act No. 213 (S.343), SECTION 2, eff October 1, 2014.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.