8.7-507 - Warranties on negotiation or delivery of receipt or bill. - Virginia Statutes

§ 8.7-507. Warranties on negotiation or delivery of receipt or bill.

Where a person negotiates or delivers a document for value otherwise than asa mere intermediary under § 8.7-508, then, unless otherwise agreed, hewarrants to his immediate purchaser, in addition to any warranty made inselling or leasing the goods, that:

(a) the document is genuine; and

(b) he has no knowledge of any fact that would impair the document's validityor worth; and

(c) his negotiation or delivery is rightful and fully effective with respectto the title to the document and the goods it represents.

(Code 1950, § 61-47; 1964, c. 219; 2004, c. 200.)