41-07-13. (7-207) Goods must be kept separate - Fungible goods.
109 words·~1 min read·
/nd/title-41/chapter-41-07-documents-of-title/41-07-13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.