407.507 Warranties on negotiation or delivery of document of title. If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under s. 407.508, unless otherwise agreed, the transferor warrants to its immediate purchaser only in addition to any warranty made in selling or leasing the goods that all of the following apply:
(1) The document is genuine.
(2) The transferor does not have knowledge of any fact that would impair the document's validity or worth.
(3) The negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.
History: 2009 a. 322.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 407 - Uniform commercial code — documents of title.
407.102 - Definitions and index of definitions.
407.103 - Relation of chapter to treaty or statute.
407.104 - Negotiable and nonnegotiable document of title.
407.105 - Reissuance in alternative medium.
407.106 - Control of electronic document of title.
407.201 - Person that may issue a warehouse receipt; storage under bond.
407.202 - Form of warehouse receipt.
407.203 - Liability for nonreceipt or misdescription.
407.204 - Duty of care; contractual limitation of warehouse's liability.
407.205 - Title under warehouse receipt defeated in certain cases.
407.206 - Termination of storage at warehouse's option.
407.207 - Goods must be kept separate; fungible goods.
407.208 - Altered warehouse receipts.
407.210 - Enforcement of warehouse's lien.
407.302 - Through bills of lading and similar documents of title.
407.303 - Diversion; reconsignment; change of instructions.
407.304 - Tangible bills of lading in a set.
407.306 - Altered bills of lading.
407.308 - Enforcement of carrier's lien.
407.309 - Duty of care; contractual limitation of carrier's liability.
407.401 - Irregularities in issue of receipt or bill or conduct of issuer.
407.402 - Duplicate document of title; overissue.
407.403 - Obligation of warehouse or carrier to deliver; excuse.
407.404 - No liability for good faith delivery pursuant to document of title.
407.501 - Form of negotiation and requirements of due negotiation.
407.502 - Rights acquired by due negotiation.
407.503 - Document of title to goods defeated in certain cases.
407.504 - Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery.
407.505 - Endorser not guarantor for other parties.
407.506 - Delivery without endorsement; right to compel endorsement.
407.507 - Warranties on negotiation or delivery of document of title.
407.508 - Warranties of collecting bank as to documents of title.
407.509 - Adequate compliance with commercial contract.
407.601 - Lost, stolen, or destroyed documents of title.
407.602 - Attachment of goods covered by negotiable document of title.