Warranties on negotiation or delivery of document of title.

If a person negotiates or delivers a document of title for value otherwise than as a mere intermediary under section 554.7508 , unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that: 1. the document is genuine; 2. the transferor does not have knowledge of any fact that would impair the document’s validity or worth; and 3. the negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents. [S13, §3138-a44, -b34, -b36; C24, 27, 31, 35, 39, § 8279, 8281, 9704, 9965; C46, 50, 54, 58, 62, §487.35, 487.37, 542.44, 554.37; C66, 71, 73, 75, 77, 79, 81, §554.7507 ] 2007 Acts, ch 30, §37, 45, 46