(a) A financing agency by paying or purchasing for value a draft that relates to a shipment of goods acquires to the extent of the payment or purchase and in addition to its own rights under the draft and a document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer.
(b) The right to reimbursement of a financing agency that has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to a relevant document that was apparently regular.
Section: Previous 45.02.501 45.02.502 45.02.503 45.02.504 45.02.505 45.02.506 45.02.507 45.02.508 45.02.509 45.02.510 45.02.511 45.02.512 45.02.513 45.02.514 45.02.515 NextLast modified: November 15, 2016