New York Laws
Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer
7-508 - Warranties of Collecting Bank as to Documents of Title.

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.

Structure New York Laws