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.

(1959, P.A. 133, S. 7-404; P.A. 04-64, S. 28.)

History: P.A. 04-64 amended section to adopt the 2003 Revision of Uniform Commercial Code Article 7-Documents of Title.