Section 55-7-507 - Warranties on negotiation or delivery of document of titleIf a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 55-7-508 NMSA 1978, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:
(1) the document is genuine;(2) the transferor does not have knowledge of any fact that would impair the document's validity or worth; and(3) the negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.1953 Comp., § 50A-7-507, enacted by Laws 1961, ch. 96, § 7-507; 2005, ch. 144, § 86.