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Texas Business & Commerce Code

§ 7.508 — WARRANTIES OF COLLECTING BANK AS TO DOCUMENTS OF TITLE

BC § 7.508Title 1. UNIFORM COMMERCIAL CODE · Ch. 7. DOCUMENTS OF TITLE · Art. E. WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER

Statute text

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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. Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1, eff. Sept. 1, 1967. Amended by:

Legislative history

Acts 2005, 79th Leg., Ch. 122 (S.B. 1593), Sec. 1, eff. September 1, 2005.

Source: Texas Business & Commerce Code § 7.508 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.