☰ Revisor of Missouri


Chapter 411

< > Effective - 28 Aug 1965 bottom

  411.581.  Warranties on negotiation or transfer of receipt. — A person who for value negotiates or transfers a receipt by endorsement or delivery, including one who assigns for value a claim secured by a receipt unless a contrary intention appears, warrants:

  (1)  That the receipt is genuine;

  (2)  That he has a legal right to negotiate or transfer it;

  (3)  That he has knowledge of no fact which would impair the validity or worth of the receipt; and

  (4)  That he has a right to transfer the title to the grain, and that the grain is merchantable or fit for a particular purpose whenever such warranties would have been implied if the contract of the parties had been to transfer the grain without receipts represented thereby.


(L. 1965 p. 606)


Commercial code provision, 400.7-507

---- end of effective  28 Aug 1965 ----

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