Tennessee § 47-2-506 - Rights of financing agency.
Full text of Tennessee Tennessee Code Annotated § 47-2-506 — Rights of financing agency., with citation guidance and answers to common questions.
§ 47-2-506. Rights of financing agency.
A financing agency by paying or purchasing for value a draft which relates to a shipment of goods acquires to the extent of the payment or purchase and in addition to its own rights under the draft and any document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer. The right to reimbursement of a financing agency which has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular. Acts 1963, ch. 81, § 1 (2-506); Acts 2008, ch. 814, § 11. Amendments. The 2008 amendment deleted “on its face” from the end of (2). Effective Dates. Acts 2008, ch. 814, § 40. July 1, 2008.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 47-2-506
What does Tennessee Code Annotated § 47-2-506 cover?
Section 47-2-506 ("Rights of financing agency.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 47-2-506?
A common citation format is "Tennessee Code Annotated § 47-2-506" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 47-2-506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.