A.R.S. § 47-7404: 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.