(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 on its face. [1961 c.726 §72.5060]
Section: Previous 72.4020 72.4030 72.5010 72.5020 72.5030 72.5040 72.5050 72.5060 72.5070 72.5080 72.5090 72.5100 72.5110 72.5120 72.5130 NextLast modified: August 7, 2008