Indiana § 26-1-7-207 Goods must be kept separate; fungible goods

Indiana Statutes

§ 26-1-7-207 — Goods must be kept separate; fungible goods

Indiana·Title 26 COMMERCIAL LAW·Art. 1 UNIFORM COMMERCIAL CODE·Ch. 7 Documents of Title

(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 the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated. Formerly: Acts 1963, c.317, s.7-207. As amended by P.L.143-2007, SEC.36.

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(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 the warehouse has issued against it, the persons entitled
include all holders to which overissued receipts have been duly
negotiated.
Formerly: Acts 1963, c.317, s.7-207. As amended by
P.L.143-2007, SEC.36.

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