§ 12A-7-207. Goods must be kept separate - Fungible goods.

Goods Must be Kept Separate; Fungible Goods.

(a)  Unless the warehouse receipt otherwise provides, 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 which the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated.

Added by Laws 1961, p. 143, § 7-207.  Amended by Laws 2005, c. 140, § 12, eff. Jan. 1, 2006.