Section 45.07.203. Liability for nonreceipt or misdescription.

A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies on the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that
        (1) the document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, as in the case where the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by "contents, condition, and quality unknown," "said to contain," or words of similar import, if this indication is true; or
        (2) the party or purchaser otherwise has notice of the nonreceipt or misdescription.

Notes

History

(Sec. 7.203 ch 114 SLA 1962; am Sec. 33 ch 44 SLA 2009)