LegalFix
Sign In

Section 411.581 Warranties on negotiation or transfer of receipt.

MO Rev Stat § 411.581 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Effective 28 Aug 1965

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)

CROSS REFERENCE:

Commercial code provision, 400.7-507

Previous Section
Section 411.571 Transferor of receipt to endorse.
Next Section
Section 411.591 Endorser not a guarantor for other parties.