§ 7207. Goods must be kept separate; fungible goods.
(1) Unless the warehouse receipt provides otherwise, except as set forth in paragraph (2), a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods.
(2) Different lots of fungible goods may be commingled.
(b) Fungible goods.--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.Section: Previous 7201 7202 7203 7204 7205 7206 7207 7208 7209 7210 Next
Last modified: October 8, 2016