There Is a Newer Version
of
the New Mexico Statutes
2011 New Mexico Statutes
Chapter 55: Uniform Commercial Code
Article 7: Documents of Title, 55-7-101 through 55-7-807
Section 55-7-508: Warranties of collecting bank as to documents of title.
Universal Citation:
NM Stat § 55-7-508 (1996 through 1st Sess 50th Legis)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
55-7-508. Warranties of collecting bank as to documents of title.
A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.
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