554.2506 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 rightsunder the draft and any document of title securing it any rights of the shipper in the goodsincluding the right to stop delivery and the shipper’s right to have the draft honored by thebuyer. 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 impairedby subsequent discovery of defects with reference to any relevant document which wasapparently regular. [S13, §3138-b36; C24, 27, 31, 35, 39, §8281; C46, 50, 54, 58, 62, §487.37; C66, 71, 73, 75, 77, 79, 81, §554.2506] 2007 Acts, ch 30, §45, 46, 57 Sat Dec 23 01:50:09 2023 Iowa Code 2024, Section 554.2506 (24, 0)
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