8.7-508 - Warranties of collecting bank as to documents. - Virginia Statutes

§ 8.7-508. Warranties of collecting bank as to documents.

A collecting bank or other intermediary known to be entrusted with documentson behalf of another or with collection of a draft or other claim againstdelivery of documents warrants by such delivery of the documents only its owngood faith and authority. This rule applies even though the intermediary haspurchased or made advances against the claim or draft to be collected.

(1964, c. 219.)