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7-7-505
Section 7-7-505 Indorser not guarantor for other parties. The indorsement of a tangible document
of title issued by a bailee does not make the indorser liable for any default by the bailee
or previous indorsers. (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repealed by Act 2004-315, p. 464, §1; current section added by Act 2004-315, p. 464, §1.)...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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7-1-201
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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7-8-308
Section 7-8-308 (Effective Until January 1, 1997) Indorsement, how made; special indorsement;
indorser not a guarantor; partial assignment. (1) An indorsement of a security in registered
form is made when an appropriate person signs on it or on a separate document an assignment
or transfer of the security or a power to assign or transfer it or when the signature of such
person is written without more upon the back of the security. (2) An indorsement may be in
blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement
specifies the person to whom the security is to be transferred, or who has power to transfer
it. A holder may convert a blank indorsement into a special indorsement. (3) "An appropriate
person" in subsection (1) means: (a) The person specified by the security or by special
indorsement to be entitled to the security; or (b) Where the person so specified is described
as a fiduciary but is no longer serving in the described capacity, -...
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7-7-506
Section 7-7-506 Delivery without indorsement: right to compel indorsement. The transferee of
a negotiable tangible document of title has a specifically enforceable right to have its transferor
supply any necessary indorsement, but the transfer becomes a negotiation only as of the time
the indorsement is supplied. (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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7-7-501
Section 7-7-501 Form of negotiation and requirements of due negotiation. (a) The following
rules apply to a negotiable tangible document of title: (1) If the document's original terms
run to the order of a named person, the document is negotiated by the named person's indorsement
and delivery. After the named person's indorsement in blank or to bearer, any person may negotiate
the document by delivery alone. (2) If the document's original terms run to bearer, it is
negotiated by delivery alone. (3) If the document's original terms run to the order of a named
person and it is delivered to the named person, the effect is the same as if the document
had been negotiated. (4) Negotiation of the document after it has been indorsed to a named
person requires indorsement by the named person and delivery. (5) A document is duly negotiated
if it is negotiated in the manner stated in this subsection to a holder that purchases it
in good faith, without notice of any defense against or claim to it...
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7-7-403
Section 7-7-403 Obligation of bailee to deliver; excuse. (a) A bailee shall deliver the goods
to a person entitled under a document of title if the person complies with subsections (b)
and (c), unless and to the extent that the bailee establishes any of the following: (1) Delivery
of the goods to a person whose receipt was rightful as against the claimant; (2) Damage to
or delay, loss, or destruction of the goods for which the bailee is not liable; (3) Previous
sale or other disposition of the goods in lawful enforcement of a lien or on a warehouse's
lawful termination of storage; (4) The exercise by a seller of its right to stop delivery
pursuant to Section 7-2-705 or by a lessor of its right to stop delivery pursuant to Section
7-2A-526; (5) A diversion, reconsignment, or other disposition pursuant to Section 7-7-303;
(6) Release, satisfaction, or any other personal defense against the claimant; or (7) Any
other lawful excuse. (b) A person claiming goods covered by a document of...
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7-7-102
Section 7-7-102 Definitions and index of definitions. (a) In this article, unless the context
otherwise requires: (1) "Bailee" means a person that by a warehouse receipt, bill
of lading, or other document of title acknowledges possession of goods and contracts to deliver
them. (2) A "carrier" means a person that issues a bill of lading. (3) "Consignee"
means a person named in a bill of lading to which or to whose order the bill promises delivery.
(4) "Consignor" means a person named in a bill of lading as the person from which
the goods have been received for shipment. (5) "Delivery order" means a record that
contains an order to deliver goods directed to a warehouse, carrier, or other person that
in the ordinary course of business issues warehouse receipts or bills of lading. (6) "Good
faith" means honesty in fact in the conduct or transaction concerned. (7) "Goods"
means all things that are treated as movable for the purposes of a contract for storage or
transportation. (8) "Issuer"...
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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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40-9B-3
Section 40-9B-3 Definitions. (a) For purposes of this chapter, the following words and phrases
mean: (1) ABATE, ABATEMENT. A reduction or elimination of a taxpayer's liability for tax or
payments required to be made in lieu thereof. An abatement of transaction taxes imposed under
Chapter 23 of this title, or payments required to be made in lieu thereof, shall relieve the
seller from the obligation to collect and pay over the transaction tax as if the sale were
to a person exempt, to the extent of the abatement, from the transaction tax. (2) ALTERNATIVE
ENERGY RESOURCES. The definition given in Section 40-18-1. (3) CONSTRUCTION RELATED TRANSACTION
TAXES. The transaction taxes imposed by Chapter 23 of this title, or payments required to
be made in lieu thereof, on tangible personal property and taxable services incorporated into
an industrial development property, the cost of which may be added to capital account with
respect to the property, determined without regard to any rule which...
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