reglab/housing_qa huggingface dataset:
SC Code § 36-7-401 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-401. Irregularities in issue of receipt or bill or conduct of issuer.

 The obligations imposed by this chapter on an issuer apply to a document of title even if:  (1) the document does not comply with the requirements of this chapter or of any other statute, rule, or regulation regarding its issue, form or content;  (2) the issuer violated laws regulating the conduct of its business;  (3) the goods covered by the document were owned by the bailee when the document was issued; or  (4) the person issuing the document is not a warehouse but the document purports to be a warehouse receipt.  HISTORY: 1962 Code Section 10.7-401; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-401.  Changes: Changes for style only.  Purposes:  The bailee's liability on its document despite non-receipt or misdescription of the goods is affirmed in Sections 7-203 and 7-301. The purpose of this section is to make it clear that regardless of irregularities a document which falls within the definition of document of title imposes on the issuer the obligations stated in this Article. For example, a bailee will not be permitted to avoid its obligation to deliver the goods (Section 7-403) or its obligation of due care with respect to them (Sections 7-204 and 7-309) by taking the position that no valid "document" was issued because it failed to file a statutory bond or did not pay stamp taxes or did not disclose the place of storage in the document. Tate v. Action Moving & Storage, Inc., 383 S.E.2d 229 (N.C. App. 1989), rev. denied 389 S.E.2d 104 (N.C. 1990). Sanctions against violations of statutory or administrative duties with respect to documents should be limited to revocation of license or other measures prescribed by the regulation imposing the duty. See Section 7-103.  Cross References: Sections 7-103, 7-203, 7-204, 7-301, 7-309.  Definitional Cross References:  "Bailee". Section 7-102.  "Document of title". Section 1-201.  "Goods". Section 7-102.  "Issuer". Section 7-102.  "Person". Section 1-201.  "Warehouse receipt". Section 1-201.  "Warehouse". Section 7-102.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-404 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-404. No liability for good-faith delivery pursuant to document of title.

 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.  HISTORY: 1962 Code Section 10.7-404; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-404.  Changes: Changes reflect the definition of good faith in Section 1-201 [7-102] and for style.  Purposes:  This section uses the test of good faith, as defined in Section 1-201 [7-102], to continue the policy of former Section 7-404. Good faith now means "honesty in fact and the observance of reasonable commercial standards of fair dealing." The section states explicitly that the common law rule of "innocent conversion" by unauthorized "intermeddling" with another's property is inapplicable to the operations of commercial carriers and warehousemen that in good faith perform obligations that they have assumed and that generally they are under a legal compulsion to assume. The section applies to delivery to a fraudulent holder of a valid document as well as to delivery to the holder of an invalid document. Of course, in appropriate circumstances, a bailee may use interpleader or other dispute resolution process. See Section 7-603.  Cross Reference: Section 7-603.  Definitional Cross References:  "Bailee". Section 7-102.  "Delivery". Section 1-201.  "Document of title". Section 1-201.  "Good faith". Section 1-201 [7-102].  "Goods". Section 7-102.  "Person". Section 1-201.  "Receipt of goods". Section 2-103.  "Term". Section 1-201.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-505 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-505. Indorser not a guarantor for other parties.

 The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or by previous indorsers.  HISTORY: 1962 Code Section 10.7-505; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-505.  Changes: Limited to tangible documents of title.  Purposes:  This section is limited to tangible documents of title as the concept of indorsement is irrelevant to electronic documents of title. Electronic documents of title will be transferred by delivery of control. Section 7-106. The indorsement of a tangible document of title is generally understood to be directed towards perfecting the transferee's rights rather than towards assuming additional obligations. The language of the present section, however, does not preclude the one case in which an indorsement given for value guarantees future action, namely, that in which the bailee has not yet become liable upon the document at the time of the indorsement. Under such circumstances the indorser, of course, engages that appropriate honor of the document by the bailee will occur. See Section 7-502(a)(4) as to negotiable delivery orders. However, even in such a case, once the bailee attorns to the transferee, the indorser's obligation has been fulfilled and the policy of this section excludes any continuing obligation on the part of the indorser for the bailee's ultimate actual performance.  Cross Reference: Sections 7-106 and 7-502.  Definitional Cross References:  "Bailee". Section 7-102.  "Document of title". Section 1-201.  "Party". Section 1-201.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-506 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-506. Delivery without indorsement; right to compel indorsement.

 The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied.  HISTORY: 1962 Code Section 10.7-506; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-506.  Changes: Limited to tangible documents of title.  Purposes:  1. This section is limited to tangible documents of title as the concept of indorsement is irrelevant to electronic documents of title. Electronic documents of title will be transferred by delivery of control. Section 7-106. From a commercial point of view the intention to transfer a tangible negotiable document of title which requires an indorsement for its transfer, is incompatible with an intention to withhold such indorsement and so defeat the effective use of the document. Further, the preceding section and the Comment thereto make it clear that an indorsement generally imposes no responsibility on the indorser.  2. Although this section provides that delivery of a tangible document of title without the necessary indorsement is effective as a transfer, the transferee, of course, has not regularized its position until such indorsement is supplied. Until this is done the transferee cannot claim rights under due negotiation within the requirements of this Article (Section 7-501(a)(5)) on "due negotiation". Similarly, despite the transfer to the transferee of the transferor's title, the transferee cannot demand the goods from the bailee until the negotiation has been completed and the document is in proper form for surrender. See Section 7-403(c).  Cross References:  Point 1: Sections 7-106 and 7-505.  Point 2: Sections 7-501(a)(5) and 7-403(c).  Definitional Cross References:  "Document of title". Section 1-201.  "Rights". Section 1-201.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-507 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-507. Warranties on negotiation or delivery of document of title.

 If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 36-7-508, then unless otherwise agreed the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:  (1) the document is genuine;  (2) the transferor does not have knowledge of any fact that would impair the document's validity or worth; and  (3) the negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.  HISTORY: 1962 Code Section 10.7-507; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-507.  Changes: Substitution of the word "delivery" for the word "transfer," reference leasing transactions and style.  Purposes:  1. Delivery of goods by use of a document of title does not limit or displace the ordinary obligations of a seller or lessor as to any warranties regarding the goods that arises under other law. If the transfer of documents attends or follows the making of a contract for the sale or lease of goods, the general obligations on warranties as to the goods (Sections 2-312 through 2-318 and Sections 2A-210 through 2A-316) are brought to bear as well as the special warranties under this section.  2. The limited warranties of a delivering or collecting intermediary, including a collecting bank, are stated in Section 7-508.  Cross References:  Point 1: Sections 2-312 through 2-318 and 2A-310-through 2A-316.  Point 2: Section 7-508.  Definitional Cross References:  "Delivery". Section 1-201.  "Document of title". Section 1-201.  "Genuine". Section 1-201.  "Goods". Section 7-102.  "Person". Section 1-201.  "Purchaser". Section 1-201.  "Value". Section 1-204.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-508 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-508. Warranties of collecting bank as to documents of title.

 A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.  HISTORY: 1962 Code Section 10.7-508; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-508.  Changes: Changes for style only.  Purposes:  1. To state the limited warranties given with respect to the documents accompanying a documentary draft.  2. In warranting its authority a collecting bank or other intermediary only warrants its authority from its transferor. See Section 4-203. It does not warrant the genuineness or effectiveness of the document. Compare Section 7-507.  3. Other duties and rights of banks handling documentary drafts for collection are stated in Article 4, Part 5. On the meaning of draft, see Section 4-104 and Section 5-102, comment 11.  Cross References:  Sections 4-104, 4-203, 4-501 through 4-504, 5-102, and 7-507.  Definitional Cross References:  "Collecting bank". Section 4-105.  "Delivery". Section 1-201.  "Document of title". Section 1-102.  "Documentary draft". Section 4-104.  "Intermediary bank". Section 4-105.  "Good faith". Section 1-201 [7-102.]  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-509 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-509. Adequate compliance with commercial contract.

 Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by the chapters on sales (Chapter 2), leases (Chapter 2A), and on letters of credit (Chapter 5).  HISTORY: 1962 Code Section 10.7-509; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-509.  Changes: To reference Article 2A.  Purposes:  To cross-refer to the Articles of this Act which deal with the substantive issues of the type of document of title required under the contract entered into by the parties.  Cross References: Articles 2, 2A and 5.  Definitional Cross References:  "Contract for sale". Section 2-106.  "Document of title". Section 1-201.  "Lease". Section 2A-103.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-602 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-602. Judicial process against goods covered by negotiable document of title.

 Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstanding unless possession or control of the document is first surrendered to the bailee or the document's negotiation is enjoined. The bailee shall not be compelled to deliver the goods pursuant to process until possession or control of the document is surrendered to the bailee or to the court. A purchaser of the document for value without notice of the process or injunction takes free of the lien imposed by judicial process.  HISTORY: 1962 Code Section 10.7-602; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provisions: Former Section 7-602.  Changes: Changes to accommodate electronic documents of title and for style.  Purposes:  1. The purpose of the section is to protect the bailee from conflicting claims of the document of title holder and the judgment creditors of the person who deposited the goods. The rights of the former prevail unless, in effect, the judgment creditors immobilize the negotiable document of title through the surrender of possession of a tangible document or control of an electronic document. However, if the document of title was issued upon deposit of the goods by a person who had no power to dispose of the goods so that the document is ineffective to pass title, judgment liens are valid to the extent of the debtor's interest in the goods.  2. The last sentence covers the possibility that the holder of a document who has been enjoined from negotiating it will violate the injunction by negotiating to an innocent purchaser for value. In such case the lien will be defeated.  Cross Reference:  Sections 7-106 and 7-501 through 7-503.  Definitional Cross References:  "Bailee". Section 7-102.  "Delivery". Section 1-201.  "Document of title". Section 1-201.  "Goods". Section 7-102.  "Notice". Section 1-202.  "Person". Section 1-201.  "Purchase". Section 1-201.  "Value". Section 1-204.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-603 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-603. Conflicting claims; interpleader.

 If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either in defending an action for nondelivery of the goods, or by original action.  HISTORY: 1962 Code Section 10.7-603; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provisions: Former Section 7-603.  Changes: Changes for style only.  Purposes:  1. The section enables a bailee faced with conflicting claims to the goods to compel the claimants to litigate their claims with each other rather than with the bailee. The bailee is protected from legal liability when the bailee complies with court orders from the interpleader. See e.g. Northwestern National Sales, Inc. v. Commercial Cold Storage, Inc., 162 Ga. App. 741, 293 S.E.2d. 30 (1982).  2. This section allows the bailee to bring an interpleader action but does not provide an exclusive basis for allowing interpleader. If either state or federal procedural rules allow an interpleader in other situations, the bailee may commence an interpleader under those rules. Even in an interpleader to which this section applies, the state or federal process of interpleader applies to the bailee's action for interpleader. For example, state or federal interpleader statutes or rules may permit a bailee to protect its lien or to seek attorney's fees and costs in the interpleader action.  Cross reference:  Point 1: Section 7-403.  Definitional Cross References:  "Action". Section 1-201.  "Bailee". Section 7-102.  "Delivery". Section 1-201.  "Goods". Section 7-102.  "Person". Section 1-201.  "Reasonable time". Section 1-205.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-8-101 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 8 - Commercial Code - Investment Securities|Section 36-8-101. Short title.

 This chapter may be cited as Uniform Commercial Code-Investment Securities.  HISTORY: 1962 Code Section 10.8-101; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5.
SC Code § 36-8-103 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 8 - Commercial Code - Investment Securities|Section 36-8-103. Rules for determining whether certain obligations and interests are securities or financial assets.

 (a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.  (b) An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.  (c) An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this chapter, or it is an investment company security. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.  (d) A writing that is a security certificate is governed by this chapter and not by Chapter 3, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by Chapter 3 is a financial asset if it is held in a securities account.  (e) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.  (f) A commodity contract, as defined in Section 36-9-102(a)(15), is not a security or a financial asset.  (g) A document of title is not a financial asset unless Section 36-8-102(a)(9)(iii) applies.  HISTORY: 1962 Code Section 10.8-103; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5; 2014 Act No. 213 (S.343), Section 32, eff October 1, 2014.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."  Effect of Amendment  2014 Act No. 213, Section 32, added subsection (g).
SC Code § 36-8-104 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 8 - Commercial Code - Investment Securities|Section 36-8-104. Acquisition of security or financial asset or interest therein.

 (a) A person acquires a security or an interest therein, under this chapter, if:  (1) the person is a purchaser to whom a security is delivered pursuant to Section 36-8-301; or  (2) the person acquires a security entitlement to the security pursuant to Section 36-8-501.  (b) A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset.  (c) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 36-8-503.  (d) Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b).  HISTORY: 1962 Code Section 10.8-104; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5.