Ohio Revised Code § 1307.203 - Liability For Nonreceipt Or Misdescription - Ucc 7-203.

Part 2. Warehouse Receipts: Special Provisions

A party to or purchaser for value in good faith of a document of title, other than a bill of lading , that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that :

(A) The document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by "contents, condition, and quality unknown", "said to contain", or words of similar import, if the indication is true ; or

(B) The party or purchaser otherwise has notice of the nonreceipt or misdescription.

Renumbered from § 1307.08 and amended by 129th General AssemblyFile No.9, HB 9, §1, eff. 6/29/2011.

Section: Previous  1307.102  1307.103  1307.104  1307.105  1307.106  1307.201  1307.202  1307.203  1307.204  1307.205  1307.206  1307.207  1307.208  1307.209  1307.210  Next

Last modified: October 10, 2016