(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 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 11-2-501 11-2-502 11-2-503 11-2-504 11-2-505 11-2-506 11-2-507 11-2-508 11-2-509 11-2-510 11-2-511 11-2-512 11-2-513 11-2-514 11-2-515 NextLast modified: October 14, 2016