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.
Notes of Decisions
United States v. United Mktg. Ass'n, a P'ship, H. W. Helgevold, & Izola M. Boyd, of the Est. of G. C. Boyd, Deceased, 291 F.2d 851 (8th Cir. 1961).
· cites it 2× “Subsequent thereto and during the pendency of the case, Congress, in order to afford relief to innocent purchasers of Commodity Credit Corporation grain, passed 15 U.S.C.A. § 714p, which provides as follows: “§ 7Hp.”
United States v. Kerr Gifford & Co., 136 F. Supp. 771 (D. Idaho 1956).
“” 15 U.S.C.A. § 714p. The evidence clearly shows that during the period all of the grain in question, to wit: 3,774,025 pounds of wheat, was purchased by and delivered to defendant, Boundary was in a short position and was disposing of grain owned by Commodity Credit Corporation…”
United States v. Lapeyrouse Grain Corp., & Demopolis Grain Corp., 465 F.2d 991 (5th Cir. 1972).
“It is clear that the jury considered Lapeyrouse to be a buyer who met the requirements of 15 U.S.C. § 714p, set out in the margin. 1 The Government appeals, contending that Lapeyrouse was not entitled to the protection of that statute.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.