Volume 69
Public Law 84–43
To amend the Commodity Credit Corporation Charter Act in order to protect innocent purchasers of fungible goods from claims of the Commodity Credit Corporation.
Approved May 23, 1955
Statutory text
AN ACT
To amend the Commodity Credit Corporation Charter Act in order to protect innocent purchasers of fungible goods from claims of the Commodity Credit Corporation.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the Commodity Credit Corporation Charter Act, sis amended (62 Stat. 1070), is hereby amended by adding at the end thereof the following new
Charter Act, amendment.
section;
“Sec. 19.
Release of Innocent Purchasers of Converted Goods.—A buyer in the ordinary course of business of fungible goods heretofore
Fungible goods.
or hereafter sold anti 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 air affirmative defense and establish by a preponderance of the evidence the facts necessary to entitle him to such relief.
Approved May 23, 1955.