Tennessee § 47-7-207 - Goods must be kept separate — Fungible goods.

§ 47-7-207. Goods must be kept separate — Fungible goods.

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. 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. Acts 2008, ch. 814, § 1. Compiler's Notes. This revised chapter 7 replaces former chapter 7, effective July 1, 2008. Former chapter 7, §§ 47-7-101 — 47-7-106 , 47-7-201 — 47-7-210 , 47-7-301 — 47-7-309 , 47-7-401 — 47-7-404 , 47-7-501 — 47-7-509 , 47-7-601 — 47-7-603 (Acts 1963, ch. 81, § 1 (7-101 — 7-106(1), 7-201 — 7-210, 7-301 — 7-309, 7-401 — 7-404, 7-501 — 7-509, 7-601 — 7-603); 2000, ch. 846, § 15), concerning the Uniform Commercial Code, documents of title, regarding warehouse receipts, bills of lading and other documents of title, was repealed by Acts 2008, ch. 814, § 1, effective July 1, 2008, which enacted this revised chapter 7. Effective Dates. Acts 2008, ch. 814, § 40. July 1, 2008. Cross-References. Delivery, § 47-1-201 . Form of negotiation and requirements of due negotiation, § 47-7-501 . Fungible goods, § 47-1-201 . Goods, § 47-7-102 . Holder, § 47-1-201 . Person, § 47-1-201 . Warehouse, § 47-7-102 . Warehouse receipt, § 47-1-201 .