If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according to its original tenor.
Source: L. 2006: Entire article R&RE, p. 476, § 2, effective September 1.
Editor's note: This section is similar to former § 4-7-208 as it existed prior to 2006.
Prior Uniform Statutory Provision: Former Section 7-208.
Changes: To accommodate electronic documents of title.
Purpose:
Definitional Cross References:
"Good faith". Section 1-201 [7-102].
"Issuer". Section 7-102.
"Notice". Section 1-202.
"Purchaser". Section 1-201.
"Value". Section 1-204.
"Warehouse receipt". Section 1-201.
Structure Colorado Code
Title 4 - Uniform Commercial Code
Article 7 - Documents of Title
Part 2 - Warehouse Receipts - Special Provisions
§ 4-7-201. Person That May Issue a Warehouse Receipt - Storage Under Bond
§ 4-7-202. Form of Warehouse Receipt - Effect of Omission
§ 4-7-203. Liability for Nonreceipt or Misdescription
§ 4-7-204. Duty of Care - Contractual Limitation of Warehouse's Liability
§ 4-7-205. Title Under Warehouse Receipt Defeated in Certain Cases
§ 4-7-206. Termination of Storage at Warehouse's Option
§ 4-7-207. Goods Must Be Kept Separate - Fungible Goods