New York Uniform Commercial Code Law Section 7-505 - Indorser Not Guarantor for Other Parties.

Section 7--505. Indorser Not Guarantor for Other Parties.
The  indorsement  of  a  tangible document of title issued by a bailee
  does not make the indorser liable for  any  default  by  the  bailee  or
  previous indorsers.

Last modified: February 3, 2019