Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
- Search Minnesota Statutes
- About Minnesota Statutes
- 2007 Statutes New, Amended or Repealed
- 2007 Table of Chapters
- 2007 Statutes Topics (Index)
Chapter 336
Section 336.2-506
Topics
Recent History
- 2004 336.2-506 Amended 2004 c 162 art 5 s 8
This is an historical version of this statute chapter. Also view the most recent published version.
336.2-506 RIGHTS OF FINANCING AGENCY.
(1) A financing agency by paying or purchasing for value a draft which relates to a shipment
of goods acquires to the extent of the payment or purchase and in addition to its own rights under
the draft and any document of title securing it any rights of the shipper in the goods including the
right to stop delivery and the shipper's right to have the draft honored by the buyer.
(2) The right to reimbursement of a financing agency which has in good faith honored
or purchased the draft under commitment to or authority from the buyer is not impaired by
subsequent discovery of defects with reference to any relevant document which was apparently
regular.
History: 1965 c 811 s 336.2-506; 2004 c 162 art 5 s 8
(1) A financing agency by paying or purchasing for value a draft which relates to a shipment
of goods acquires to the extent of the payment or purchase and in addition to its own rights under
the draft and any document of title securing it any rights of the shipper in the goods including the
right to stop delivery and the shipper's right to have the draft honored by the buyer.
(2) The right to reimbursement of a financing agency which has in good faith honored
or purchased the draft under commitment to or authority from the buyer is not impaired by
subsequent discovery of defects with reference to any relevant document which was apparently
regular.
History: 1965 c 811 s 336.2-506; 2004 c 162 art 5 s 8
Official Publication of the State of Minnesota
Revisor of Statutes