400.2-506. Rights of financing agency. - Missouri Statutes

Rights of financing agency.

400.2-506. (1) A financing agency by paying or purchasingfor value a draft which relates to a shipment of goods acquiresto the extent of the payment or purchase and in addition to itsown rights under the draft and any document of title securing itany rights of the shipper in the goods including the right tostop delivery and the shipper's right to have the draft honoredby the buyer.

(2) The right to reimbursement of a financing agency whichhas in good faith honored or purchased the draft under commitmentto or authority from the buyer is not impaired by subsequentdiscovery of defects with reference to any relevant documentwhich was apparently regular on its face.

(L. 1963 p. 503 § 2-506)