Separation of Goods; Commingling of Fungible Goods; Overissued Receipts - Mich. Comp. Laws Section 440.7207

440.7207 Separation of goods; commingling of fungible goods; overissued receipts.

Sec. 7207.

(1) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled.

(2) If different lots of fungible goods are commingled, the goods are owned in common by the persons entitled thereto and the warehouse is severally liable to each owner for that owner's share. If, because of overissue, a mass of fungible goods is insufficient to meet all the receipts the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated.

History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013

Section:  Previous  440.7106  440.7201  440.7202  440.7203  440.7204  440.7205  440.7206  440.7207  440.7208  440.7209  440.7210  440.7301  440.7302  440.7303  440.7304  Next

Last modified: January 28, 2015