Procter & Gamble Distributing Co. v. Lawrence American Field Warehousing Corp.

P&G (plaintiff) delivered millions of pounds of soybean oil to a warehouse operated by Lawrence American Field Warehousing (defendant), which issued receipts and monthly statements confirming the oil's presence, but the oil later disappeared without any explanation from the warehouse; the trial court awarded P&G the oil's higher market value at the time of delivery, but the appellate division reduced the award to the oil's lower value at the time P&G learned of the loss.