ORS 77.5070: 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 ORS 77.5080, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to the 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.