Sec. 7508.
A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)
Section 440.7501 - Negotiable Document of Title; Indorsement; Notice of Arrival.
Section 440.7502 - Negotiation; Rights Acquired.
Section 440.7503 - Documents of Title to Goods; Defeat in Certain Cases.
Section 440.7505 - Documents of Title; Liability of Indorser.
Section 440.7507 - Documents of Title; Warranties on Negotiation or Delivery for Value.
Section 440.7508 - Documents of Title; Warranties of Collecting Bank.