Section 15
Warranties on negotiation of warehouse receipts.
The Warehousing (Development and Regulation) Act, 2007
About this Act
An Act to make provisions for the development and regulation of warehouses, negotiability of warehouse receipts, establishment of a Warehousing Development and Regulatory Authority and for matters connected therewith or incidental thereto.
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.
(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.