Kentucky Statutes 355.7-207 – Goods must be kept separate — Fungible goods
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(1) 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.
(2) 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.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 13, effective July 12,
2012. — Created 1958 Ky. Acts ch. 77, sec. 7-207, effective July 1, 1960.
(2) 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.
Terms Used In Kentucky Statutes 355.7-207
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Kentucky Statutes 355.7-102
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Warehouse: means a person engaged in the business of storing goods for hire. See Kentucky Statutes 355.7-102
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 13, effective July 12,
2012. — Created 1958 Ky. Acts ch. 77, sec. 7-207, effective July 1, 1960.