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 did not:
(a) Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailors nominee with:
(A) Actual or apparent authority to ship, store or sell;
(B) Power to obtain delivery under ORS 77.4030 (Obligation of bailee to deliver); or
(C) Power of disposition under ORS 72.4030 (Power to transfer), 72A.3040 (Subsequent lease of goods by lessor) (2), 72A.3050 (Sale or sublease of goods by lessee) (2), 79.0320 (UCC 9-320. Buyer of goods) or 79.0321 (UCC 9-321. Licensee of general intangible and lessee of goods in ordinary course of business) (3) 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 been duly negotiated. That title may be defeated under ORS 77.5040 (Rights acquired in the absence of due negotiation) to the same extent as the rights 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 ORS 77.4010 (Irregularities in issue of receipt or bill or conduct of issuer) to 77.4040 (No liability for good faith delivery pursuant to document of title) pursuant to its own bill of lading discharges the carriers obligation to deliver. [1961 c.726 §77.5030 (Document of title to goods defeated in certain cases); 2001 c.445 §150; 2009 c.181 §79]
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