S.C. Code § 36-7-508

Current through 2024 Act No. 225.

Section 36-7-508 - 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.

S.C. Code § 36-7-508

Amended by 2014 S.C. Acts, Act No. 213 (SB 343), s 2, eff. 10/1/2014.

1966 (54) 2716; 1962 Code Section 10.7-508.

2014 Act No. 213, Section 51, provides as follows:

"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."