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.
Structure New York Laws
Article 7 - Documents of Title
Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer
7-501 - Form of Negotiation and Requirements of Due Negotiation.
7-502 - Rights Acquired by Due Negotiation.
7-503 - Document of Title to Goods Defeated in Certain Cases.
7-504 - Rights Acquired in Absence of Due Negotiation; Effect of Diversion; Stoppage of Delivery.
7-505 - Indorser Not Guarantor for Other Parties.
7-506 - Delivery Without Indorsement: Right to Compel Indorsement.
7-507 - Warranties on Negotiation or Delivery of Document of Title.
7-508 - Warranties of Collecting Bank as to Documents of Title.