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The Florida Statutes

The 2010 Florida Statutes(including Special Session A)

Title XXXIX
COMMERCIAL RELATIONS
Chapter 672
UNIFORM COMMERCIAL CODE: SALES
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F.S. 672.506
672.506 Rights of financing agency.
(1) A financing agency by paying or purchasing for value a draft which relates to a shipment of goods acquires to the extent of the payment or purchase and in addition to its own rights under the draft and any document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper’s right to have the draft honored by the buyer.
(2) The right to reimbursement of a financing agency which has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular.
History.s. 1, ch. 65-254; s. 12, ch. 2010-131.
Note.s. 2-506, U.C.C.

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