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. (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. (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.