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.
1964, c. 219.
Structure Code of Virginia
Title 8.7 - Commercial Code - Warehouse Receipts, Bills of Lading and Other Documents of Title
§ 8.7-501. Form of negotiation and requirements of "due negotiation"
§ 8.7-502. Rights acquired by due negotiation
§ 8.7-503. Document to goods defeated in certain cases
§ 8.7-505. Endorser not a guarantor for other parties
§ 8.7-506. Delivery without endorsement; right to compel endorsement
§ 8.7-507. Warranties on negotiation or delivery of receipt or bill
§ 8.7-508. Warranties of collecting bank as to documents
§ 8.7-509. Receipt or bill; when adequate compliance with commercial contract