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 those goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated.
Structure Alaska Statutes
Chapter 07. Warehouse Receipts, Bills of Lading, and Other Documents of Title
Article 2. Warehouse Receipts: Special Provisions.
Sec. 45.07.201. Person who may issue a warehouse receipt; storage under bond.
Sec. 45.07.202. Form of warehouse receipt; effect of omission.
Sec. 45.07.203. Liability for nonreceipt or misdescription.
Sec. 45.07.204. Duty of care; contractual limitation of warehouse's liability.
Sec. 45.07.205. Title under warehouse receipt defeated in certain cases.
Sec. 45.07.206. Termination of storage at warehouse's option.
Sec. 45.07.207. Goods must be kept separate; fungible goods.
Sec. 45.07.208. Altered warehouse receipts.