15. Warranties on negotiation of warehouse receipts
A person who, for valuable consideration, negotiates a negotiable warehouse receipt by endorsement and delivery, including one who assigns for valuable consideration, a claim secured by a receipt, unless a contrary intention appears, warrants the following:—
(a)
that the receipt is genuine;
(b)
that the person has a legal right to negotiate or transfer it;
(c)
that the person has no knowledge of any fact that would impair the validity of the receipt;
(d)
that the person has a right to transfer the title to the goods; and
(e)
that the goods are merchantable or fit for a particular purpose when those warranties would have been implied, if the contract of the parties had been to transfer without a receipt the goods represented by it.