Lawgist15Warranties on negotiation of warehouse receipts
A person who, for valuable consideration, negotiates a negotiable warehouse receipt by endorsement and delivery, including one who assigns for valuable consideration, a claim secured by a receipt, unless a contrary intention appears, warrants the following:--
(a) that the receipt is genuine;
(b) that the person has a legal right to negotiate or transfer it;
(c) that the person has no knowledge of any fact that would impair the validity of the receipt;
(d) that the person has a right to transfer the title to the goods; and
(e) that the goods are merchantable or fit for a particular purpose when those warranties would have been implied, if the contract of the parties had been to transfer without a receipt the goods represented by it.
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- 11 Warehouse receipts
- 12 Negotiability of warehouse receipts
- 13 Negotiation of warehouse receipt by delivery
- 14 Transfer of negotiable warehouse receipts without endorsement
- 15 Warranties on negotiation of warehouse receipts
- 16 Non-liability of the endorser
- 17 Negotiation of warehouse receipt not impaired by fraud, mistake or duress
- 18 Subsequent negotiation of warehouse receipts
- 19 Delivery of goods to be made after due charges are paid
- 20 Transfer of non-negotiable receipts
- 21 Conclusiveness of negotiable warehouse receipt
- 22 Presumption in certain cases
- 23 Issue of duplicate receipt
