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 chapter 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.

   Formerly: Acts 1963, c.317, s.7-404. As amended by P.L.152-1986, SEC.256; P.L.143-2007, SEC.51.