2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 7 - Documents of Title
Section 55-7-207 - Goods must be kept separate; fungible goods.
(a) 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.
(b) 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.
History: 1953 Comp., § 50A-7-207, enacted by Laws 1961, ch. 96, § 7-207; 2005, ch. 144, § 63.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Prior Uniform Statutory Provision. — Former Section 7-207 [55-7-207 NMSA 1978].
Changes. — Changes for style only.
No change of substance is made from former Section 7-207 [55-7-207 NMSA 1978]. Holders to whom overissued receipts have been duly negotiated shall share in a mass of fungible goods. Where individual ownership interests are merged into claims on a common fund, as is necessarily the case with fungible goods, there is no policy reason for discriminating between successive purchasers of similar claims.
"Delivery". Section 1-201 [55-1-201 NMSA 1978].
"Duly negotiate". Section 7-501 [55-7-501 NMSA 1978].
"Fungible goods". Section 1-201.
"Goods". Section 7-102 [55-7-102 NMSA 1978].
"Holder". Section 1-201.
"Person". Section 1-201.
"Warehouse receipt". Section 1-201.
"Warehouse". Section 7-102.
Repeals and reenactments. — Laws 2005, ch. 144, § 63, effective January 1, 2006, repealed former 55-7-207 NMSA 1978 as enacted by Laws 1961, ch. 96, § 7-207, and enacted a new section. Pursuant to 12-2A-14 NMSA 1978, the 2005 revision is considered an amendment rather than a new enactment.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Commercial Code § 44; 78 Am. Jur. 2d Warehouses §§ 39, 45, 179, 181, 228.
Deposit of grain without obligation to return identical grain as a bailment or a sale, 54 A.L.R. 1166.
"Warehouse purchase receipt" as bailment or contract of sale, 91 A.L.R. 906.
Statutory warehousing as determined by character of property stored, 132 A.L.R. 532.
93 C.J.S. Warehousemen and Safe Depositaries §§ 13, 14.
