Wis. Stat. § 407.503
Document of title to goods defeated in certain cases
Redline — January 1, 2003 → current.View current text →
Current — January 1, 2009
As of January 1, 2003
(1) A document of title confers no right in goods against a person who before issuance of the document had a legal interest or a perfected security interest in them and who neither: (a) Delivered or entrusted them or any document of title covering them to the bailor or the bailor's nominee with actual or apparent authority to ship, store, or sell or with power to obtain delivery under s. 407.403 or with power of disposition under s. 402.403 or 409.320 or other statute or rule of law; nor (b) Acquiesced in the procurement by the bailor or the bailor's nominee of any document of title.
(1) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not do any of the following: (a) Deliver or entrust the goods or any document covering the goods to the bailor or the bailor's nominee with actual or apparent authority to ship, store, or sell; with power to obtain delivery under s. 407.403 ; or with power of disposition under s. 402.403 , 409.320 , 409.321 (3) , 411.304 (2) , or 411.305 (2) , or other statute or rule of law. (b) Acquiesce in the procurement by the bailor or its nominee of any document.
(2) Title to goods based upon an unaccepted delivery order is subject to the rights of anyone to whom a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. Such a title may be defeated under s. 407.504 to the same extent as the rights of the issuer or a transferee from the issuer.
(2) Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under s. 407.504 to the same extent as the rights of the issuer or a transferee from the issuer.
(3) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of anyone to whom a bill issued by the freight forwarder is duly negotiated; but delivery by the carrier in accordance with ss. 407.401 to 407.404 pursuant to its own bill of lading discharges the carrier's obligation to deliver.
(3) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with subch. IV pursuant to its own bill of lading discharges the carrier's obligation to deliver.
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.