description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that: (1) the document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, as where the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by condition and quality ‘contents, to or the like, if the indication is true; or unknown’, ‘said contain’ (2) the party or purchaser has notice of the nonreceipt or misdescription. OFFICIAL COMMENT Prior Uniform Statutory Provision: Former Section 7203. Changes: Changes to this section are for style only. Purpose: This section is a simplified restatement of existing law as to the method by which a bailee may avoid responsibility for the accuracy of descriptions which are made by or in reliance upon information furnished by the depositor. The issuer is liable on documents issued by an agent, contrary to instructions of its principal, without receiving goods. No disclaimer of the latter liability is permitted. Cross Reference: Section 7301. Definitional Cross References: Section 1201. ‘Conspicuous’. of Section 1201. ‘Document title’. Section 7102. ‘Goods’. Section 1201. [7102] ‘Good Faith’. Section 7102. ‘Issuer’. Section 1202. ‘Notice’. Section 1201. ‘Party’. Section 1201. ‘Purchaser’. of Section 2103. ‘Receipt goods’. Section 1204. ‘Value’.
description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that: (1) the document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, as where the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by ‘contents, condition and quality unknown’, ‘said to contain’ or the like, if the indication is true; or (2) the party or purchaser has notice of the nonreceipt or misdescription. OFFICIAL COMMENT Prior Uniform Statutory Provision: Former Section 7203. Changes: Changes to this section are for style only. Purpose: This section is a simplified restatement of existing law as to the method by which a bailee may avoid responsibility for the accuracy of descriptions which are made by or in reliance upon information furnished by the depositor. The issuer is liable on documents issued by an agent, contrary to instructions of its principal, without receiving goods. No disclaimer of the latter liability is permitted. Cross Reference: Section 7301. Definitional Cross References: ‘Conspicuous’. Section 1201. ‘Document of title’. Section 1201. ‘Goods’. Section 7102. ‘Good Faith’. Section 1201. [7102] ‘Issuer’. Section 7102. ‘Notice’. Section 1202. ‘Party’. Section 1201. ‘Purchaser’. Section 1201. ‘Receipt of goods’. Section 2103. ‘Value’. Section 1204.
343_20140312.docx