Title under warehouse receipt defeated in certain cases - UCC 7-205
Known as the Uniform Commercial Code
The act spans §§ 1307–1307 (43 sections).
Effective: June 29, 2011; Latest Legislation: House Bill 9 - 129th General Assembly
Title under warehouse receipt defeated in certain cases [UCC 7-205]
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.
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.