554.7503 Document of title to goods defeated in certain cases. 1. A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that didnot: a. deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with: (1) actual or apparent authority to ship, store, or sell;(2) power to obtain delivery under section 554.7403; or(3) power of disposition under section 554.2403, 554.9320, 554.9321, subsection 3, section 554.13304, subsection 2, or section 554.13305, subsection 2, or other statute or rule of law; or b. acquiesce in the procurement by the bailor or its nominee of any document.2. Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has beenduly negotiated. That title may be defeated under section 554.7504 to the same extent as therights of the issuer or a transferee from the issuer. 3. Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which the same extent as therights of the issuer or a transferee from the issuer. 3. Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which a bill issued by the freight forwarder is duly negotiated.However, delivery by the carrier in accordance with part 4 pursuant to its own bill of ladingdischarges the carrier’s obligation to deliver. [S13, §3138-a41, -b31, -b42; C24, 27, 31, 35, 39, §8276, 8287, 9701, 9962; C46, 50, 54, 58, 62, §487.32, 487.43, 542.41, 554.34; C66, 71, 73, 75, 77, 79, 81, §554.7503] 2000 Acts, ch 1149, §148, 187; 2007 Acts, ch 30, §33, 45, 46; 2017 Acts, ch 54, §65Referred to in §554.7403, 554.7502 Sat Dec 23 01:57:59 2023 Iowa Code 2024, Section 554.7503 (25, 0)
Iowa Legal Code