30-2-506. 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.
History: En. Sec. 2-506, Ch. 264, L. 1963; R.C.M. 1947, 87A-2-506; amd. Sec. 19, Ch. 575, L. 2005.
Structure Montana Code Annotated
Chapter 2. Uniform Commercial Code Sales
30-2-501. Insurable interest in goods -- manner of identification of goods
30-2-502. Buyer's right to goods on seller's insolvency
30-2-503. Manner of seller's tender of delivery
30-2-505. Seller's shipment under reservation
30-2-506. Rights of financing agency
30-2-507. Effect of seller's tender -- delivery on condition
30-2-508. Cure by seller of improper tender or delivery -- replacement
30-2-509. Risk of loss in the absence of breach
30-2-510. Effect of breach on risk of loss
30-2-511. Tender of payment by buyer -- payment by check
30-2-512. Payment by buyer before inspection
30-2-513. Buyer's right to inspection of goods
30-2-514. When documents deliverable on acceptance -- when on payment