2014 US Code
Title 15 - Commerce and Trade (Sections 1 - 8405)
Chapter 15 - Economic Recovery (Sections 701 - 714p)
Subchapter II - Commodity Credit Corporation (Sections 714 - 714p)
Sec. 714p - Release of innocent purchasers of converted goods
| Publication Title | United States Code, 2012 Edition, Supplement 2, Title 15 - COMMERCE AND TRADE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 15 - ECONOMIC RECOVERY SUBCHAPTER II - COMMODITY CREDIT CORPORATION Sec. 714p - Release of innocent purchasers of converted goods |
| Contains | section 714p |
| Date | 2014 |
| Laws In Effect As Of Date | January 5, 2015 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | June 29, 1948, ch. 704, §19, as added May 23, 1955, ch. 46, 69 Stat. 65. |
| Statutes at Large Reference | 69 Stat. 65 |
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A buyer in the ordinary course of business of fungible goods sold and physically delivered by a warehouseman or other dealer who was regularly engaged in the business of buying and selling such goods shall take or be deemed to have taken such goods free of any claim, existing or hereafter arising, by Commodity Credit Corporation, based on the want of authority in the seller to sell such goods, provided the buyer purchased such goods for value in good faith and did not know or have reason to know of any defect in the seller's authority to sell such goods. To be entitled to relief under this section a buyer must assert as an affirmative defense and establish by a preponderance of the evidence the facts necessary to entitle him to such relief.
(June 29, 1948, ch. 704, §19, as added May 23, 1955, ch. 46, 69 Stat. 65.)
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