New York Laws
Part 2 - Warehouse Receipts: Special Provisions
7-207 - Goods Must Be Kept Separate; Fungible Goods.

(a) Unless the warehouse receipt provides otherwise, 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.

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