Colorado Code
Part 3 - General Obligation and Construction of Contract
§ 4-2-323. Form of Bill of Lading Required in Overseas Shipment - "Overseas"

Source: L. 65: p. 1315, § 1. C.R.S. 1963: § 155-2-323. L. 2006: IP(2) amended, p. 491, § 8, effective September 1.
Prior Uniform Statutory Provision: None.
Purposes:


This subsection codifies that practice as between buyer and seller. Article 5 (Section 5-113) authorizes banks presenting drafts under letters of credit to give indemnities against the missing parts, and this subsection means that the buyer must accept and act on such indemnities if he in good faith deems them adequate. But neither this subsection nor Article 5 decides whether a bank which has issued a letter of credit is similarly bound. The issuing bank's obligation under a letter of credit is independent and depends on its own terms. See Article 5.
Cross References:
Sections 4-2-508(2), 5-113.
Definitional Cross References:
"Bill of lading". Section 4-1-201.
"Buyer". Section 4-2-103.
"Contract". Section 4-1-201.
"Delivery". Section 4-1-201.
"Financing agency". Section 4-2-104.
"Person". Section 4-1-201.
"Seller". Section 4-2-103.
"Send". Section 4-1-201.
"Term". Section 4-1-201.

Structure Colorado Code