Printable Format84-7-508. Warranties of collecting bank as to documents of title. 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.
History: L. 2007, ch. 90, § 37; July 1, 2008.
KANSAS COMMENT, 1996
This section had no direct counterpart in prior uniform acts; however, it is in general accord with former K.S.A. 82-146. This section limits the warranties made by an intermediary to good faith and authority to transfer and negates all other warranties. The more extensive warranties of 84-7-507 do not apply to intermediaries. Compare the warranties made by a collecting bank under 84-4-407. Duties of a bank collecting a documentary draft are spelled out in 84-4-501, et seq.
Revisor's Note:
Former section 84-7-508 repealed by L. 2007, ch. 90, § 78 and the number reassigned to the current text.