California · Commercial Code

COM §7508: A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the de

What this law says, in plain English

A collecting bank or intermediary handling documents of title or collecting drafts on another's behalf provides a warranty regarding delivery of those documents.

Read the full statutory text

A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.

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