1307.35 Warranties on negotiation or transfer of receipt or bill - UCC 7-507. - Ohio Statutes

1307.35 Warranties on negotiation or transfer of receipt or bill - UCC 7-507.

Where a person negotiates or transfers a document of title for value otherwise than as a mere intermediary under section 1307.36 of the Revised Code, then unless otherwise agreed he warrants to his immediate purchaser only in addition to any warranty made in selling the goods:

(A) that the document is genuine; and

(B) that he has no knowledge of any fact which would impair its validity or worth; and

(C) that his negotiation or transfer is rightful and fully effective with respect to the title to the document and the goods it represents.

Effective Date: 07-01-1962