Texas Business & Commerce Code - Section 2.506. Rights Of Financing Agency
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§ 2.506. RIGHTS OF FINANCING AGENCY. (a) 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.
(b) The right to reimbursement of a financing agency which
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 any relevant document which was
apparently regular.
Acts 1967, 60th Leg., p. 2343, ch. 785, § 1, eff. Sept. 1, 1967.
Amended by Acts 2005, 79th Leg., ch. 122, § 9, eff. Sept. 1,
2005.
Section: 2.402 2.403 2.501 2.502 2.503 2.504 2.505 2.506 2.507 2.508 2.509 2.510 2.511 2.512 2.513
Last modified: August 10, 2007
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