If a person negotiates or delivers a document of title for value, other than as a mere intermediary under AS 45.07.508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that
(1) the document is genuine;
(2) the transferor does not have knowledge of a fact that would impair the document's validity or worth; and
(3) the negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.
Structure Alaska Statutes
Chapter 07. Warehouse Receipts, Bills of Lading, and Other Documents of Title
Article 5. Warehouse Receipts and Bills of Lading: Negotiation and Transfer.
Sec. 45.07.501. Form of negotiation and requirements of due negotiation.
Sec. 45.07.502. Rights acquired by due negotiation.
Sec. 45.07.503. Document of title to goods defeated in certain cases.
Sec. 45.07.505. Endorser not guarantor for other parties.
Sec. 45.07.506. Delivery without endorsement; right to compel endorsement.
Sec. 45.07.507. Warranties on negotiation or delivery of document of title.
Sec. 45.07.508. Warranties of collecting bank as to documents of title.
Sec. 45.07.509. Adequate compliance with commercial contract.