2010 New York Code
UCC - Uniform Commercial Code
Article 2 - SALES
Part 5 - (2-501 - 2-515) PERFORMANCE
2-506 - Rights of Financing Agency.

Section 2--506. Rights of Financing Agency.
    (1) A financing agency by paying or purchasing for value a draft which
  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  any
  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.
    (2) The right to reimbursement of a financing agency which 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 any relevant document which was apparently regular  on  its
  face.