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Section 15: Warranties on negotiation of warehouse receipts.

The Warehousing (Development and Regulation) Act, 2007Central Act · Act 37 of 2007

A person who, for valuable consideration, negotiates a negotiable warehouse receipt by endorsement and delivery, including one who assigns for valuable consideration, a claim secured by a receipt, unless a contrary intention appears, warrants the following:--

(a) that the receipt is genuine;

(b) that the person has a legal right to negotiate or transfer it;

(c) that the person has no knowledge of any fact that would impair the validity of the receipt;

(d) that the person has a right to transfer the title to the goods; and

(e) that the goods are merchantable or fit for a particular purpose when those warranties would have been implied, if the contract of the parties had been to transfer without a receipt the goods represented by it.

Where this provision sits

ActThe Warehousing (Development and Regulation) Act, 2007
Section15
Marginal noteWarranties on negotiation of warehouse receipts.
JurisdictionCentral
StatusIn force as published by the source

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