407.404 No liability for good faith delivery pursuant to document of title. A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this chapter is not liable for the goods even if any of the following apply:
(1) The person from which the bailee received the goods did not have authority to procure the document or to dispose of the goods.
(2) The person to which the bailee delivered the goods did not have authority to receive the goods.
History: 2009 a. 322.