§ 714p. — Release of innocent purchasers of converted goods.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC714p]
TITLE 15--COMMERCE AND TRADE
CHAPTER 15--ECONOMIC RECOVERY
SUBCHAPTER II--COMMODITY CREDIT CORPORATION
Sec. 714p. Release of innocent purchasers of converted goods
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, Sec. 19, as added May 23, 1955, ch. 46, 69
Stat. 65.)
