47-2506. 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.
Section: Previous 47-2402 47-2403 47-2501 47-2502 47-2503 47-2504 47-2505 47-2506 47-2507 47-2508 47-2509 47-2510 47-2511 47-2512 47-2513 NextLast modified: October 13, 2016