§ 6A-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 of Section.P.L. 1960, ch. 147, § 1; P.L. 2006, ch. 112, § 2; P.L. 2006, ch. 135, § 2.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Section 6A-2-501. - Insurable interest in goods — Manner of identification of goods.
Section 6A-2-503. - Manner of seller’s tender of delivery.
Section 6A-2-504. - Shipment by seller.
Section 6A-2-505. - Seller’s shipment under reservation.
Section 6A-2-506. - Rights of financing agency.
Section 6A-2-507. - Effect of seller’s tender — Delivery on condition.
Section 6A-2-508. - Cure by seller of improper tender or delivery — Replacement.
Section 6A-2-509. - Risk of loss in the absence of breach.
Section 6A-2-510. - Effect of breach on risk of loss.
Section 6A-2-511. - Tender of payment by buyer — Payment by check.
Section 6A-2-512. - Payment by buyer before inspection.
Section 6A-2-513. - Buyer’s right to inspection of goods.
Section 6A-2-514. - When documents deliverable on acceptance — When on payment.
Section 6A-2-515. - Preserving evidence of goods in dispute.