Vermont § 503 - § 7—503.

§ 503. § 7—503.

• Document of title to goods defeated in certain cases (a) A document of title confers no right in goods against a person that before issuance
  of the document had a legal interest or a perfected security interest in the goods
  and that did not: (1) deliver or entrust the goods or any document of title covering the goods to the bailor
  or the bailor’s nominee with: (A) actual or apparent authority to ship, store, or sell; (B) power to obtain delivery under section 7—403 of this title; or (C) power of disposition under section 2—403, subdivisions 2A—304(2) or 2A—305(2), section
  9—320, or subsection 9—321(c) of this title or other statute or rule of law; or (2) acquiesce in the procurement by the bailor or its nominee of any document. (b) Title to goods based upon an unaccepted delivery order is subject to the rights of
  any person to which a negotiable warehouse receipt or bill of lading covering the
  goods has been duly negotiated. That title may be defeated under section 7—504 of this title to the same extent as the rights of the issuer or a transferee from the issuer. (c) Title to goods based upon a bill of lading issued to a freight forwarder is subject
  to the rights of any person to which a bill issued by the freight forwarder is duly
  negotiated. However, delivery by the carrier in accordance with part 4 of this article
  pursuant to its own bill of lading discharges the carrier’s obligation to deliver. (Added 2015, No. 51, § B.3, eff. June 3, 2015.)