70A-2-506 - Rights of financing agency. - Utah Statutes

70A-2-506. Rights of financing agency.
(1) A financing agency by paying or purchasing for value a draft which relates to ashipment of goods acquires to the extent of the payment or purchase and in addition to its ownrights under the draft and any document of title securing it any rights of the shipper in the goodsincluding the right to stop delivery and the shipper's right to have the draft honored by the buyer.
(2) The right to reimbursement of a financing agency which has in good faith honored orpurchased the draft under commitment to or authority from the buyer is not impaired bysubsequent discovery of defects with reference to any relevant document which was apparentlyregular.

Amended by Chapter 42, 2006 General Session