No liability for good-faith delivery pursuant to document of title

4-7-404. 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 article is not liable for the goods even if: (1) The person from which the bailee received the goods did not have authority to procure the document or to dispose of the goods; or (2) The person to which the bailee delivered the goods did not have authority to receive the goods. Source: L. 2006: Entire article R&RE, p. 484, � 2, effective September 1. Editor's note: This section is similar to former � 4-7-404 as it existed prior to 2006. PART 5 WAREHOUSE RECEIPTS AND BILLS OF LADING - NEGOTIATION AND TRANSFER