The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers.
(Code 1933, § 109A-7 - 505, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 2010, p. 481, § 1-1/HB 451.)
The 2010 amendment, effective May 27, 2010, deleted "a" preceding "not" in the catchline; inserted "tangible" and deleted "by" preceding "previous" near the end. See the Editor's notes for applicability.
Editor's notes.- Ga. L. 2010, p. 481, § 3-1, not codified by the General Assembly, provides that: "This Act applies to a document of title that is issued or a bailment that arises on or after the effective date of this Act. This Act does not apply to a document of title that is issued or a bailment that arises before the effective date of this Act even if the document of title or bailment would be subject to this Act if the document of title had been issued or bailment had arisen on or after the effective date of this Act. This Act does not apply to a right of action that has accrued before the effective date of this Act." This Act became effective May 27, 2010.
Ga. L. 2010, p. 481, § 3-2, not codified by the General Assembly, provides that: "A document of title issued or a bailment that arises before the effective date of this Act and the rights, documents, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this Act as if such amendment or repeal had not occurred and may be terminated, completed, consummated, or enforced under that statute or other rule." This Act became effective May 27, 2010.
RESEARCH REFERENCES
Am. Jur. 2d.
- 15A Am. Jur. 2d, Commercial Code, § 70. 78 Am. Jur. 2d, Warehouses, § 71.
C.J.S.- 13 C.J.S., Carriers, §§ 398-401. 80 C.J.S., Shipping, § 260 et seq. 93 C.J.S., Warehousemen and Safe Depositaries, § 40.
U.L.A.- Uniform Commercial Code (U.L.A.) § 7-505.
ALR.
- Character of bill of lading contemplated by a guaranty of payment of a draft with bill of lading attached, 13 A.L.R. 166.