(1) A document of title confers no right in goods against a person who before issuance of the document had a legal interest or a perfected security interest in them and who neither:
(a) Delivered or entrusted them or any document of title covering them to the bailor or the nominee of the bailor with actual or apparent authority to ship, store or sell or with power to obtain delivery under ORS 77.4030 or with power of disposition under ORS 72.4030 and 79.0320 or other statute or rule of law; nor
(b) Acquiesced in the procurement by the bailor or the nominee of the bailor of any document of title.
(2) Title to goods based upon an unaccepted delivery order is subject to the rights of anyone to whom a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. Such a title may be defeated under ORS 77.5040 to the same extent as the rights of the issuer or a transferee from the issuer.
(3) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of anyone to whom a bill issued by the freight forwarder is duly negotiated; but delivery by the carrier in accordance with ORS 77.4010 to 77.4040 pursuant to its own bill of lading discharges the carrier’s obligation to deliver. [1961 c.726 §77.5030; 2001 c.445 §150]
Section: Previous 77.3090 77.4010 77.4020 77.4030 77.4040 77.5010 77.5020 77.5030 77.5040 77.5050 77.5060 77.5070 77.5080 77.5090 77.6010 NextLast modified: August 7, 2008