§490:2-506 Rights of financing agency. (1) A financing agency by paying or purchasing for value a draft which 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 any 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.
(2) The right to reimbursement of a financing agency which has in good faith honored as purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular. [L 1965, c 208, §2-506; HRS §490:2-506; am L 2004, c 163, §11]
Section: Previous 490-2-402 490-2-403 490-2-501 490-2-502 490-2-503 490-2-504 490-2-505 490-2-506 490-2-507 490-2-508 490-2-509 490-2-510 490-2-511 490-2-512 490-2-513 NextLast modified: October 27, 2016