ORS 77.5020
Rights acquired by due negotiation


(1)

Subject to ORS 77.2050 (Title under warehouse receipt defeated in certain cases) and 77.5030 (Document of title to goods defeated in certain cases), a holder to which a negotiable document of title has been duly negotiated acquires thereby:

(a)

Title to the document;

(b)

Title to the goods;

(c)

All rights accruing under the law of agency or estoppel, including rights to goods delivered to the bailee after the document was issued; and

(d)

The direct obligation of the issuer to hold or deliver the goods according to the terms of the document free of any defense or claim by the issuer except those arising under the terms of the document or under this chapter, but in the case of a delivery order the bailee’s obligation accrues only upon the bailee’s acceptance of the delivery order and the obligation acquired by the holder is that the issuer and any indorser will procure the acceptance of the bailee.

(2)

Subject to ORS 77.5030 (Document of title to goods defeated in certain cases), title and rights acquired by due negotiation are not defeated by any stoppage of the goods represented by the document of title or by surrender of the goods by the bailee and are not impaired even if:

(a)

The due negotiation or any prior due negotiation constituted a breach of duty;

(b)

Any person has been deprived of possession of a negotiable tangible document or control of a negotiable electronic document by misrepresentation, fraud, accident, mistake, duress, loss, theft or conversion; or

(c)

A previous sale or other transfer of the goods or document has been made to a third person. [1961 c.726 §77.5020 (Rights acquired by due negotiation); 2009 c.181 §78]

Source: Section 77.5020 — Rights acquired by due negotiation, https://www.­oregonlegislature.­gov/bills_laws/ors/ors077.­html.

77.1010
Short title
77.1020
Definitions and index of definitions
77.1030
Relation of chapter to treaty or statute
77.1040
Negotiable and nonnegotiable document of title
77.1050
Reissuance in alternative medium
77.1060
Control of electronic document of title
77.2010
Person that may issue a warehouse receipt
77.2020
Form of warehouse receipt
77.2030
Liability for nonreceipt or misdescription
77.2040
Duty of care
77.2050
Title under warehouse receipt defeated in certain cases
77.2060
Termination of storage at warehouse’s option
77.2070
Goods must be kept separate
77.2080
Altered warehouse receipts
77.2090
Lien of warehouse
77.2100
Enforcement of warehouse’s lien
77.3010
Liability for nonreceipt or misdescription
77.3020
Through bills of lading and similar documents of title
77.3030
Diversion
77.3040
Bills of lading in a set
77.3050
Destination bills
77.3060
Altered bills of lading
77.3070
Lien of carrier
77.3080
Enforcement of carrier’s lien
77.3090
Duty of care
77.4010
Irregularities in issue of receipt or bill or conduct of issuer
77.4020
Duplicate document of title
77.4030
Obligation of bailee to deliver
77.4040
No liability for good faith delivery pursuant to document of title
77.5010
Form of negotiation and requirements of due negotiation
77.5020
Rights acquired by due negotiation
77.5030
Document of title to goods defeated in certain cases
77.5040
Rights acquired in the absence of due negotiation
77.5050
Indorser not a guarantor for other parties
77.5060
Delivery without indorsement
77.5070
Warranties on negotiation or delivery of document of title
77.5080
Warranties of collecting bank as to documents
77.5090
Adequate compliance with commercial contract
77.6010
Lost, stolen or destroyed documents of title
77.6020
Judicial process against goods covered by negotiable document of title
77.6030
Conflicting claims
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