AB481,31,5 (3) The goods covered by the document were owned by the bailee when the document was issued.

AB481,31,7 (4) The person issuing the document is not a warehouse but the document purports to be a warehouse receipt.

AB481,31,14 407.402 Duplicate document of title; overissue. A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue of documents for fungible goods, substitutes for lost, stolen, or destroyed documents, or substitute documents issued pursuant to s. 407.105. The issuer is liable for damages caused by its overissue or failure to identify a duplicate document by a conspicuous notation.

AB481,31,18 407.403 Obligation of warehouse or carrier to deliver; excuse. (1) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subs. (2) and (3), unless and to the extent that the bailee establishes any of the following:

AB481,31,20 (a) Delivery of the goods to a person whose receipt was rightful as against the claimant.

AB481,31,22 (b) Damage to or delay, loss, or destruction of the goods for which the bailee is not liable.

AB481,31,24 (c) Previous sale or other disposition of the goods in lawful enforcement of a lien or on a warehouse's lawful termination of storage.

AB481,32,2 (d) The exercise by a seller of its right to stop delivery pursuant to s. 402.705 or by a lessor of its right to stop delivery pursuant to s. 411.526.

AB481,32,3 (e) A diversion, reconsignment, or other disposition pursuant to s. 407.303.

AB481,32,5 (f) Release, satisfaction, or any other fact affording a personal defense against the claimant.

AB481,32,6 (g) Any other lawful excuse.

AB481,32,9 (2) A person claiming goods covered by a document of title shall satisfy the bailee's lien if the bailee so requests or the bailee is prohibited by law from delivering the goods until the charges are paid.

AB481,32,11 (3) Unless a person claiming the goods is one against which the document of title does not confer a right under s. 407.503 (1), all of the following apply:

AB481,32,14 (a) The person claiming under a document shall surrender possession or control of any outstanding negotiable document covering the goods for cancellation or indication of partial deliveries.

AB481,32,17 (b) The bailee shall cancel the document or conspicuously indicate in the document the partial delivery or be liable to any person to which the document is duly negotiated.

AB481,32,21 407.404 No liability for good faith delivery pursuant to document of title. A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this chapter is not liable for the goods even if any of the following apply:

AB481,32,23 (1) The person from which the bailee received the goods did not have authority to procure the document or to dispose of the goods.

AB481,32,25 (2) The person to which the bailee delivered the goods did not have authority to receive the goods.

AB481,33,1 Subchapter V

AB481,33,3 warehouse receipts and bills of lading: negotiation and transfer

AB481,33,5 407.501 Form of negotiation and requirements of due negotiation. (1) The following rules apply to a negotiable tangible document of title:

AB481,33,9 (a) If the document's original terms run to the order of a named person, the document is negotiated by the named person's endorsement and delivery. After the named person's endorsement in blank or to bearer, any person may negotiate the document by delivery alone.

AB481,33,11 (b) If the document's original terms run to bearer, it is negotiated by delivery alone.

AB481,33,14 (c) If the document's original terms run to the order of a named person and it is delivered to the named person, the effect is the same as if the document had been negotiated.

AB481,33,16 (d) Negotiation of the document after it has been endorsed to a named person requires endorsement by the named person as well as delivery.

AB481,33,21 (e) A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases it in good faith, without notice of any defense against or claim to it on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves receiving the document in settlement or payment of a monetary obligation.

AB481,33,22 (2) The following rules apply to a negotiable electronic document of title:

AB481,33,25 (a) If the document's original terms run to the order of a named person or to bearer, the document is negotiated by delivery of the document to another person. Endorsement by the named person is not required to negotiate the document.

AB481,34,3 (b) If the document's original terms run to the order of a named person and the named person has control of the document, the effect is the same as if the document had been negotiated.