Okla. Stat. tit. 12A § 7-205

Current through Laws 2024, c. 453.

Section 7-205 - Title under warehouse receipt defeated in certain cases

A buyer in the 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.

Okla. Stat. tit. 12A, § 7-205

Laws 1961, p. 142, § 7-205; Amended by Laws 2005 , HB 2035, c. 140, § 10, eff. 1/1/2006.

Oklahoma Code Comment

This is new. The storage of fungible goods with a warehouseman who is also a merchant in goods of that kind is an entrusting within the meaning of Section 2-403 , and thus a buyer in the ordinary course of business takes free of any claim under a warehouse receipt.