§2-506. Rights of financing agency
(1). A financing agency, by paying or purchasing for value a draft which relates to a shipment of goods, acquires to the extent of the payment or purchase and in addition to its own rights under the draft and any document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer.
(2). The right to reimbursement of a financing agency which has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular.
[PL 2009, c. 324, Pt. B, §14 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
SECTION HISTORY
PL 2009, c. 324, Pt. B, §14 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
11 §2-501. Insurable interest in goods; manner of identification of goods
11 §2-502. Buyer's right to goods on seller's repudiation, failure to deliver or insolvency
11 §2-503. Manner of seller's tender of delivery
11 §2-505. Seller's shipment under reservation
11 §2-506. Rights of financing agency
11 §2-507. Effect of seller's tender; delivery on condition
11 §2-508. Cure by seller of improper tender or delivery; replacement
11 §2-509. Risk of loss in the absence of breach
11 §2-510. Effect of breach on risk of loss
11 §2-511. Tender of payment by buyer; payment by check
11 §2-512. Payment by buyer before inspection
11 §2-513. Buyer's right to inspection of goods
11 §2-514. When documents deliverable on acceptance; when on payment