7-7-402
Section 7-7-402 Duplicate document of title; overissue. A duplicate or any other document of
title purporting to cover goods already represented by an outstanding document of the same
issuer does not confer any right in the goods, except as provided in the case of tangible
bills of lading in a set of parts, overissue of documents for fungible goods, substitutes
for lost, stolen, or destroyed documents, or substitute documents issued pursuant to Section
7-7-105. The issuer is liable for damages caused by its overissue or failure to identify a
duplicate document by a conspicuous notation. (Prior version of this section added by Acts
1965, No. 549, p. 811; repealed by Act 2004-315, p. 464, §1; current section added by Act
2004-315, p. 464, §1.)...
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7-7-502
Section 7-7-502 Rights acquired by due negotiation. (a) Subject to Sections 7-7-205 and 7-7-503,
a holder to which a negotiable document of title has been duly negotiated acquires thereby:
(1) Title to the document; (2) Title to the goods; (3) All rights accruing under the law of
agency or estoppel, including rights to goods delivered to the bailee after the document was
issued; and (4) The direct obligation of the issuer to hold or deliver the goods according
to the terms of the document free of any defense or claim by the issuer except those arising
under the terms of the document or under this article, but in the case of a delivery order,
the bailee's obligation accrues only upon the bailee's acceptance of the delivery order and
the obligation acquired by the holder is that the issuer and any indorser will procure the
acceptance of the bailee. (b) Subject to Section 7-7-503, title and rights acquired by due
negotiation are not defeated by any stoppage of the goods represented by the...
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7-7-503
Section 7-7-503 Document of title to goods defeated in certain cases. (a) A document of title
confers no right in goods against a person that before issuance of the document had a legal
interest or a perfected security interest in the goods and that did not: (1) Deliver or entrust
the goods or any document of title covering the goods to the bailor or the bailor's nominee
with: (A) Actual or apparent authority to ship, store, or sell; (B) Power to obtain delivery
under Section 7-7-403; or (C) Power of disposition under Section 7-2-403, 7-2A-304(2), 7-2A-305(2),
7-9A-320, or 7-9A-321(c) or other statute or rule of law; or (2) Acquiesce in the procurement
by the bailor or its nominee of any document. (b) Title to goods based upon an unaccepted
delivery order is subject to the rights of any person to which a negotiable warehouse receipt
or bill of lading covering the goods has been duly negotiated. That title may be defeated
under Section 7-7-504 to the same extent as the rights of the...
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7-7-602
Section 7-7-602 Judicial process against goods covered by negotiable document of title. Unless
a document of title was originally issued upon delivery of the goods by a person that did
not have power to dispose of them, a lien does not attach by virtue of any judicial process
to goods in the possession of a bailee for which a negotiable document of title is outstanding
unless possession or control of the document is first surrendered to the bailee or the document's
negotiation is enjoined. The bailee may not be compelled to deliver the goods pursuant to
process until possession or control of the document is surrendered to the bailee or to the
court. A purchaser of the document for value without notice of the process or injunction takes
free of the lien imposed by judicial process. (Prior version of this section added by Acts
1965, No. 549, p. 811; repealed by Act 2004-315, p. 464, §1; current section added by Act
2004-315, p. 464, §1.)...
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7-7-105
Section 7-7-105 Reissuance in alternative medium. (a) Upon request of a person entitled under
an electronic document of title, the issuer of the electronic document may issue a tangible
document of title as a substitute for the electronic document if: (1) The person entitled
under the electronic document surrenders control of the document to the issuer; and (2) The
tangible document when issued contains a statement that it is issued in substitution for the
electronic document. (b) Upon issuance of a tangible document of title in substitution for
an electronic document of title in accordance with subsection (a): (1) The electronic document
ceases to have any effect or validity; and (2) The person that procured issuance of the tangible
document warrants to all subsequent persons entitled under the tangible document that the
warrantor was a person entitled under the electronic document when the warrantor surrendered
control of the electronic document to the issuer. (c) Upon request of a...
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7-7-601
Section 7-7-601 Lost, stolen, or destroyed documents of title. (a) If a document of title is
lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute
document and the bailee may without liability to any person comply with the order. If the
document was negotiable, a court may not order delivery of the goods or issuance of a substitute
document without the claimant's posting security unless it finds that any person that may
suffer loss as a result of nonsurrender of possession or control of the document is adequately
protected against the loss. If the document was nonnegotiable, the court may require security.
The court may also order payment of the bailee's reasonable costs and attorney's fees in any
action under this subsection. (b) A bailee that, without a court order, delivers goods to
a person claiming under a missing negotiable document of title is liable to any person injured
thereby. If the delivery is not in good faith, the bailee is...
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7-7-104
Section 7-7-104 Negotiable and nonnegotiable document of title. (a) Except as otherwise provided
in subsection (c), a document of title is negotiable if by its terms the goods are to be delivered
to bearer or to the order of a named person. (b) A document of title other than one described
in subsection (a) is nonnegotiable. A bill of lading that states that the goods are consigned
to a named person is not made negotiable by a provision that the goods are to be delivered
only against an order in a record signed by the same or another named person. (c) A document
of title is nonnegotiable if, at the time it is issued, the document has a conspicuous legend,
however expressed, that it is nonnegotiable. (Prior version of this section added by Acts
1965, No. 549, p. 811; repealed by Act 2004-315, p. 464, §1; current section added by Act
2004-315, p. 464, §1.)...
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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
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7-7-304
Section 7-7-304 Tangible bills of lading in a set. (a) Except as customary in international
transportation, a tangible bill of lading may not be issued in a set of parts. The issuer
is liable for damages caused by violation of this subsection. (b) If a tangible bill of lading
is lawfully issued in a set of parts, each of which contains an identification code and is
expressed to be valid only if the goods have not been delivered against any other part, the
whole of the parts constitutes one bill. (c) If a tangible negotiable bill of lading is lawfully
issued in a set of parts and different parts are negotiated to different persons, the title
of the holder to which the first due negotiation is made prevails as to both the document
of title and the goods even if any later holder may have received the goods from the carrier
in good faith and discharged the carrier's obligation by surrendering its part. (d) A person
that negotiates or transfers a single part of a tangible bill of lading...
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7-7-401
Section 7-7-401 Irregularities in issue of receipt or bill or conduct of issuer. The obligations
imposed by this article on an issuer apply to a document of title even if: (1) The document
does not comply with the requirements of this article or of any other statute, rule, or regulation
regarding its issuance, form, or content; (2) The issuer violated laws regulating the conduct
of its business; (3) The goods covered by the document were owned by the bailee when the document
was issued; or (4) The person issuing the document is not a warehouse but the document purports
to be a warehouse receipt. (Prior version of this section added by Acts 1965, No. 549, p.
811; repealed by Act 2004-315, p. 464, §1; current section added by Act 2004-315, p. 464,
§1.)...
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