§490:7-207 Goods must be kept separate; fungible goods. (a) 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.
(b) 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. [L 2004, c 163, pt of §1]
Section: Previous 490-7-106 490-7-201 490-7-202 490-7-203 490-7-204 490-7-205 490-7-206 490-7-207 490-7-208 490-7-209 490-7-210 490-7-301 490-7-302 490-7-303 490-7-304 NextLast modified: October 27, 2016