§ 62A.7-508. Warranties of collecting bank as to documents
A collecting bank or other intermediary known to be entrusted with documents on behalf of another or with collection of a draft or other claim against delivery of documents warrants by such delivery of the documents only its own good faith and authority. This rule applies even though the intermediary has purchased or made advances against the claim or draft to be collected.
[1965 ex.s. c 157 § 7-508. Cf. former RCW sections: (i) RCW 22.04.470; 1913 c 99 § 46; RRS § 3632. (ii) RCW 81.32.371; 1961 c 14 § 81.32.371; prior: 1915 c 159 § 37; RRS § 3683; formerly RCW 81.32.460.]
Sections: Previous 62A.7-402 62A.7-403 62A.7-404 62A.7-501 62A.7-502 62A.7-503 62A.7-504 62A.7-505 62A.7-506 62A.7-507 62A.7-508 62A.7-509 62A.7-601 62A.7-602 62A.7-603 NextLast modified: April 7, 2009