70A-7a-203 - Liability for nonreceipt or misdescription.
70A-7a-203. Liability for nonreceipt or misdescription.
A party to or purchaser for value in good faith of a document of title, other than a bill oflading, that relies upon the description of the goods in the document may recover from the issuerdamages 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 orpart of the goods in fact were received or conform to the description, such as a case in which thedescription is in terms of marks or labels or kind, quantity, or condition, or the receipt ordescription is qualified by "contents, condition, and quality unknown," "said to contain," orwords of similar import, if the indication is true; or
(2) the party or purchaser otherwise has notice of the nonreceipt or misdescription.
Enacted by Chapter 42, 2006 General Session