400.7-508. Warranties of collecting bank as to documents. - Missouri Statutes

Warranties of collecting bank as to documents.

400.7-508. A collecting bank or other intermediary known tobe entrusted with documents on behalf of another or withcollection of a draft or other claim against delivery ofdocuments warrants by such delivery of the documents only its owngood faith and authority. This rule applies even though theintermediary has purchased or made advances against the claim ordraft to be collected.

(L. 1963 p. 503 § 7-508)