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.
Iowa Code § 554.7205
Title under warehouse receipt defeated in certain cases
Known as the Uniform Commercial Code
The act spans §§ 554–554 (631 sections).
[C66, 71, 73, 75, 77, 79, 81, §554.7205] 2007 Acts, ch 30, §11, 45, 46
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.