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(810 ILCS 5/7-507) (from Ch. 26, par. 7-507)
Sec. 7-507. Warranties on negotiation or delivery of document of title.
If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that: (1) the document is genuine; (2) the transferor does not have knowledge of any |
| fact that would impair the document's validity or worth; and
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(3) the negotiation or delivery is rightful and fully
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| effective with respect to the title to the document and the goods it represents.
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(Source: P.A. 95-895, eff. 1-1-09.)
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