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.
Source: L. 2006: Entire article R&RE, p. 487, § 2, effective September 1.
Indorser not guarantor for other parties
Colo. Rev. Stat. § 4-7-505, under WAREHOUSE RECEIPTS AND BILLS OF LADING - NEGOTIATION AND TRANSFER.
Colo. Rev. Stat. § 4-7-505