(810 ILCS 5/7-507) (from Ch. 26, par. 7-507)
Sec. 7-507. Warranties on negotiation or delivery of document of title. If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:
(1) the document is genuine;
(2) the transferor does not have knowledge of any
fact that would impair the document's validity or worth; and
(3) the negotiation or delivery is rightful and fully
effective with respect to the title to the document and the goods it represents.
(Source: P.A. 95-895, eff. 1-1-09.)
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Last modified: February 18, 2015