(a) 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 the goods and who did not
(1) deliver or entrust the goods or a document of title covering the goods to the bailor or the bailor's nominee with
(A) actual or apparent authority to ship, store, or sell;
(B) power to obtain delivery under AS 45.07.403 ; or
(C) power of disposition under AS 45.02.403 , AS 45.12.304 (b), 45.12.305(b), AS 45.29.320 , 45.29.321(c) or other statute or rule of law; or
(2) acquiesce in the procurement by the bailor or its nominee of a document.
(b) Title to goods based upon an unaccepted delivery order is subject to the rights of a person to whom a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under AS 45.07.504 to the same extent as the rights of the issuer or a transferee from the issuer.
(c) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of a person to whom a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with AS 45.07.401 - 45.07.404 under its own bill of lading discharges the carrier's obligation to deliver.
Section: Previous 45.07.501 45.07.502 45.07.503 45.07.504 45.07.505 45.07.506 45.07.507 45.07.508 45.07.509 NextLast modified: November 15, 2016