Indorser Not a Guarantor for Other Parties. The indorsement of a document of title issued by a bailee does not make the indorser liable for any default by the bailee or by previous indorsers. Source: PL 3-56, § 1 (§ 7505).
Indorser Not a Guarantor for Other Parties
5 CMC § 7505, under Warehouse Receipts and Bills of Lading: Negotiation and Transfer.
5 CMC § 7505