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§ 7-203. Liability for Nonreceipt or Misdescription

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 7. Warehouse Receipts, Bills of Lading and Other Documents of Title (Refs & Annos)
Part 2. Warehouse Receipts; Special Provisions
12A Okl.St.Ann. § 7-203
§ 7-203. Liability for Nonreceipt or Misdescription
Currentness
Liability for Nonreceipt or Misdescription.
A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that:
(1) the document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by “contents, condition, and quality unknown”, “said to contain” or words of similar import, if such indication is true; or
(2) the party or purchaser otherwise has notice of the nonreceipt or misdescription.

Credits

Laws 1961, p. 141, § 7-203; Laws 2005, c. 140, § 8, eff. Jan. 1, 2006.
12A Okl. St. Ann. § 7-203, OK ST T. 12A § 7-203
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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