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§ 7-503. Document of Title to Goods Defeated in Certain Cases

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 5. Warehouse Receipts and Bills of Lading: Negotiations and Transfer
12A Okl.St.Ann. § 7-503
§ 7-503. Document of Title to Goods Defeated in Certain Cases
Currentness
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 7-403 of this title; or
(C) power of disposition under Section 2-403, 2A-304(2), 2A-305(2), 1-9-320, or 1-9-321(c) of this title 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 7-504 of this title to the same extent as the rights of the issuer or a transferee from the issuer.
(c) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with Part 4 of this article pursuant to its own bill of lading discharges the carrier's obligation to deliver.

Credits

Laws 1961, p. 149, § 7-503; Laws 2000, c. 371, § 159, eff. July 1, 2001; Laws 2005, c. 140, § 30, eff. Jan. 1, 2006.
12A Okl. St. Ann. § 7-503, OK ST T. 12A § 7-503
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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