Okla. Stat. tit. 12A § 7-207

Current through Laws 2024, c. 453.

Section 7-207 - Goods must be kept separate - Fungible goods

(a) Unless the warehouse receipt otherwise provides, 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 which the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated.

Okla. Stat. tit. 12A, § 7-207

Laws 1961, p. 143, § 7-207; Amended by Laws 2005 , HB 2035, c. 140, § 12, eff. 1/1/2006.

Oklahoma Code Comment

Prior Statutory Provisions:

2 O.S. §§ 9-81 to 9 83.

Text and derivation of prior provisions, see Appendix at end of this title.

Comment:

This section combines former 2 O.S. §§ 9-81, 9-82 and 9-83. There are a few changes in language. The previous law permitted co-mingling of fungible goods "if authorized by agreement or by custom." The Commercial Code does not qualify the authority to co-mingle, but since it is customary to co-mingle fungible goods, there is probably no practical difference between the two.

The last sentence of subsection (2) is new. It is to make it clear that the holder of an over-issued receipt shares with the rest of the holders.