Code of Virginia (Last Updated:July 28, 2020) |
TITLE 8.7. Commercial Code - Warehouse Receipts, Bills of Lading and Other Documents of Title |
PART 5. Warehouse Receipts and Bills of Lading: Negotiation and Transfer |
SECTION 8.7-507. Warranties on negotiation or delivery of receipt or bill |
Where a person negotiates or delivers a document for value otherwise than as a mere intermediary under § 8.7-508 , then, unless otherwise agreed, he warrants to his immediate purchaser, in addition to any warranty made in selling or leasing the goods, that: (a) the document is genuine; and (b) he has no knowledge of any fact that would impair the document's validity or worth; and (c) his negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents. Code 1950, § 61-47; 1964, c. 219; 2004, c. 8.7-508 . |