407.205 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.
History: 2009 a. 322.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 407 - Uniform commercial code — documents of title.
407.102 - Definitions and index of definitions.
407.103 - Relation of chapter to treaty or statute.
407.104 - Negotiable and nonnegotiable document of title.
407.105 - Reissuance in alternative medium.
407.106 - Control of electronic document of title.
407.201 - Person that may issue a warehouse receipt; storage under bond.
407.202 - Form of warehouse receipt.
407.203 - Liability for nonreceipt or misdescription.
407.204 - Duty of care; contractual limitation of warehouse's liability.
407.205 - Title under warehouse receipt defeated in certain cases.
407.206 - Termination of storage at warehouse's option.
407.207 - Goods must be kept separate; fungible goods.
407.208 - Altered warehouse receipts.
407.210 - Enforcement of warehouse's lien.
407.302 - Through bills of lading and similar documents of title.
407.303 - Diversion; reconsignment; change of instructions.
407.304 - Tangible bills of lading in a set.
407.306 - Altered bills of lading.
407.308 - Enforcement of carrier's lien.
407.309 - Duty of care; contractual limitation of carrier's liability.
407.401 - Irregularities in issue of receipt or bill or conduct of issuer.
407.402 - Duplicate document of title; overissue.
407.403 - Obligation of warehouse or carrier to deliver; excuse.
407.404 - No liability for good faith delivery pursuant to document of title.
407.501 - Form of negotiation and requirements of due negotiation.
407.502 - Rights acquired by due negotiation.
407.503 - Document of title to goods defeated in certain cases.
407.504 - Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery.
407.505 - Endorser not guarantor for other parties.
407.506 - Delivery without endorsement; right to compel endorsement.
407.507 - Warranties on negotiation or delivery of document of title.
407.508 - Warranties of collecting bank as to documents of title.
407.509 - Adequate compliance with commercial contract.
407.601 - Lost, stolen, or destroyed documents of title.
407.602 - Attachment of goods covered by negotiable document of title.