15-U.S.C.-714P

§714P – Release of Innocent Purchasers of Converted Goods

Pathway

Title 15 > Chapter 15 > Subchapter II > Section 714p

Details

• Reference: Section 714p
• Legend: §714P – Release of Innocent Purchasers of Converted Goods
• USCode Year: 2013

Provision Content

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 sellers 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.)

U.S. Encyclopedia of Law Coverage

15-U.S.C.-714P in the Legal Encyclopedia: Trade Law

In this entry about 15-U.S.C.-714P, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.

15-U.S.C.-714L in the Legal Encyclopedia: Economic Recovery

In this entry about 15-U.S.C.-714L, find legal reference material, bibliographies and premiere content related to economic recovery in the American Encyclopedia of Law, presenting a comprehensive view of the United States economic recovery-specific issues, written by authorities in the field.

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