§ 25-7-508. Warranties of collecting bank as to documents of title. - North Carolina Statutes

§ 25‑7‑508. Warranties of collecting bank as to documents of title.

A collecting bank or otherintermediary known to be entrusted with documents of title on behalf of anotheror with collection of a draft or other claim against delivery of documentswarrants by the delivery of the documents only its own good faith and authorityeven if the collecting bank or other intermediary has purchased or madeadvances against the claim or draft to be collected. (1917, c. 37, s. 46; 1919, c.65, s. 36; C.S., ss. 318, 4086; 1965, c. 700, s. 1; 2006‑112, s. 25.)