§7-1205. Title under warehouse receipt defeated in certain cases
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. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 2009, c. 324, Pt. A, §2 (NEW). PL 2009, c. 324, Pt. A, §4 (AFF).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 7-A: DOCUMENTS OF TITLE
Part 2: WAREHOUSE RECEIPTS: SPECIAL PROVISIONS
11 §7-1201. Person that may issue a warehouse receipt; storage under bond
11 §7-1202. Form of warehouse receipt; effect of omission
11 §7-1203. Liability for nonreceipt or misdescription
11 §7-1204. Duty of care; contractual limitation of warehouse's liability
11 §7-1205. Title under warehouse receipt defeated in certain cases
11 §7-1206. Termination of storage at warehouse's option
11 §7-1207. Goods must be kept separate; fungible goods