§7-1505. Indorser not guarantor for other parties
The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 2009, c. 324, Pt. A, §2 (NEW). PL 2009, c. 324, Pt. A, §4 (AFF).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 7-A: DOCUMENTS OF TITLE
Part 5: WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER
11 §7-1501. Form of negotiation and requirements of due negotiation
11 §7-1502. Rights acquired by due negotiation
11 §7-1503. Document of title to goods defeated in certain cases
11 §7-1504. Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery
11 §7-1505. Indorser not guarantor for other parties
11 §7-1506. Delivery without indorsement; right to compel indorsement
11 §7-1507. Warranties on negotiation or delivery of document of title
11 §7-1508. Warranties of collecting bank as to documents of title