Okla. Stat. tit. 12A § 7-507

Current through Laws 2024, c. 453.

Section 7-507 - Warranties on negotiation or transfer of receipt or bill

If a person negotiates or transfers a document of title for value, otherwise than as a mere intermediary under Section 7-508 of this title, 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 transfer is rightful and fully effective with respect to the title to the document and the goods it represents.

Okla. Stat. tit. 12A, § 7-507

Laws 1961, p. 150, § 7-507; Amended by Laws 2005 , HB 2035, c. 140, § 34, eff. 1/1/2006.

Oklahoma Code Comment

Prior Statutory Provisions:

2 O.S. § 9-103.

Text and derivation of prior provisions, see Appendix at end of this title.

Comment:

This is similar to former 2 O.S. § 9-103. The only material change is that the previous law provided that the transferor also warrants that the goods are merchantable or fit for a particular purpose. This was omitted from the Commercial Code because sales warranties are provided for in Article 2. Thus, this section states that certain warranties are made as to the document "in addition to any warranty made in selling the goods."

There is no comparable previous Oklahoma law on bills of lading.