Sec. 404. 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) 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) 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.
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