Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 25 - Performance
Section 2506 - Rights of financing agency

§ 2506. Rights of financing agency.
(a) General rule.--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 right of the shipper to have the draft honored by the buyer.
(b) Right to reimbursement unimpaired by latent defect.--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. (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)
2008 Amendment. Act 13 amended subsec. (b).

Structure Pennsylvania Consolidated & Unconsolidated Statutes