§ 7-205 — Title under warehouse receipt defeated in certain cases

Illinois § 7-205

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 810: COMMERCIAL CODE
• Act 810 ILCS 5/: Uniform Commercial Code.
• Art.: Article 7 - Documents of Title

Text

A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated.

Legislative History

(Source: P.A. 95-895, eff. 1-1-09.)