Section 45.02.506. Rights of financing agency.

Latest version.

   (a) A financing agency by paying or purchasing for value a draft that relates to a shipment of goods acquires to the extent of the payment or purchase and in addition to its own rights under the draft and a document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer.
   (b) The right to reimbursement of a financing agency that has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to a relevant document that was apparently regular.

Notes

History

(Sec. 2.506 ch 114 SLA 1962; am Sec. 21 ch 44 SLA 2009)

                    
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