7-2-610
Section 7-2-610 Anticipatory repudiation. When either party repudiates the contract with respect
to a performance not yet due the loss of which will substantially impair the value of the
contract to the other, the aggrieved party may: (a) For a commercially reasonable time await
performance by the repudiating party; or (b) Resort to any remedy for breach (Section 7-2-703
or Section 7-2-711), even though he has notified the repudiating party that he would await
the latter's performance and has urged retraction; and (c) In either case suspend his own
performance or proceed in accordance with the provisions of this article on the seller's right
to identify goods to the contract notwithstanding breach or to salvage unfinished goods (Section
7-2-704). (Acts 1965, No. 549, p. 811.)...
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7-2-722
Section 7-2-722 Who can sue third parties for injury to goods. Where a third party so deals
with goods which have been identified to a contract for sale as to cause actionable injury
to a party to that contract: (a) A right of action against the third party is in either party
to the contract for sale who has title to or a security interest or a special property or
an insurable interest in the goods; and if the goods have been destroyed or converted a right
of action is also in the party who either bore the risk of loss under the contract for sale
or has since the injury assumed that risk as against the other; (b) If at the time of the
injury the party plaintiff did not bear the risk of loss as against the other party to the
contract for sale and there is no arrangement between them for disposition of the recovery,
his suit or settlement is, subject to his own interest, as a fiduciary for the other party
to the contract; (c) Either party may with the consent of the other sue for the...
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7-9A-323
Section 7-9A-323 Future advances. (a) When priority based on time of advance. Except as otherwise
provided in subsection (c), for purposes of determining the priority of a perfected security
interest under Section 7-9A-322(a)(1), perfection of the security interest dates from the
time an advance is made to the extent that the security interest secures an advance that:
(1) is made while the security interest is perfected only: (A) under Section 7-9A-309 when
it attaches; or (B) temporarily under Section 7-9A-312(e), (f), or (g); and (2) is not made
pursuant to a commitment entered into before or while the security interest is perfected by
a method other than under Section 7-9A-309 or 7-9A-312(e), (f), or (g). (b) Lien creditor.
Except as otherwise provided in subsection (c), a security interest is subordinate to the
rights of a person that becomes a lien creditor to the extent that the security interest secures
an advance made more than 45 days after the person becomes a lien creditor...
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27-17A-3
Section 27-17A-3 Funding of preneed contracts; premium payments; commissions; preneed seller
as beneficiary or assignee. (a) Nothing in this chapter shall be construed to prohibit the
funding of preneed contracts with multiple insurance or annuity contracts. Life insurance
and annuity contracts used to fund preneed contracts shall conform with the provisions of
this title as they relate to life insurance and annuities and shall cover not less than the
initial retail price of the preneed contract. (b) The initial premium payment for a life insurance
policy or annuity contract shall be made payable to the issuing insurance company and the
preneed seller shall remit the payment to the insurance company within 10 business days after
the insurance application is signed by the parties. If a preneed contract provides for installment
payments, each premium payment shall be made payable to the insurance company and, if collected
by the preneed seller, shall be remitted to the insurance company...
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27-17A-32
Section 27-17A-32 Rights of seller; powers and duties of trustee. (a) If amounts paid by the
purchaser under a preneed contract for funeral merchandise have previously been deposited
in trust, the seller may withdraw the principal amount and trust appreciation attributable
to the delivered item at such time as the funeral merchandise is delivered or installed or,
if comprised of materials designed to withstand prolonged, protected storage without deterioration,
the merchandise is placed in storage with a responsible third party bonded and insured for
the wholesale value thereof and evidenced by a receipt specifically identifying the item,
the specific preneed contract, the location of the item, and the identity and address of the
bonding and insuring parties. For purposes of this subsection only, caskets and alternative
containers may not be held in storage by the seller or a third party storage facility prior
to the death of the funeral beneficiary. (b) The trustee shall make regular...
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7-2-328
Section 7-2-328 Sale by auction. (1) In a sale by auction if goods are put up in lots each
lot is the subject of a separate sale. (2) A sale by auction is complete when the auctioneer
so announces by the fall of the hammer or in other customary manner. Where a bid is made while
the hammer is falling in acceptance of a prior bid the auctioneer may in his discretion reopen
the bidding or declare the goods sold under the bid on which the hammer was falling. (3) Such
a sale is with reserve unless the goods are in explicit terms put up without reserve. In an
auction with reserve the auctioneer may withdraw the goods at any time until he announces
completion of the sale. In an auction without reserve, after the auctioneer calls for bids
on an article or lot, that article or lot cannot be withdrawn unless no bid is made within
a reasonable time. In either case a bidder may retract his bid until the auctioneer's announcement
of completion of the sale, but a bidder's retraction does not revive...
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7-2-719
Section 7-2-719 Contractual modification or limitation of remedy. (1) Subject to the provisions
of subsections (2) and (3) of this section and of Section 7-2-718 on liquidation and limitation
of damages: (a) The agreement may provide for remedies in addition to or in substitution for
those provided in this article and may limit or alter the measure of damages recoverable under
this article, as by limiting the buyer's remedies to return of the goods and repayment of
the price or to repair and replacement of nonconforming goods or parts; and (b) Resort to
a remedy as provided is optional unless the remedy is expressly agreed to be exclusive, in
which case it is the sole remedy. (2) Where circumstances cause an exclusive or limited remedy
to fail of its essential purpose, remedy may be had as provided in this title. (3) Consequential
damages may be limited or excluded unless the limitation or exclusion is unconscionable. Limitation
of consequential damages for injury to the person in the...
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7-2-511
Section 7-2-511 Tender of payment by buyer; payment by check. (1) Unless otherwise agreed tender
of payment is a condition to the seller's duty to tender and complete any delivery. (2) Tender
of payment is sufficient when made by any means or in any manner current in the ordinary course
of business unless the seller demands payment in legal tender and gives any extension of time
reasonably necessary to procure it. (3) Subject to the provisions of this title on the effect
of an instrument on an obligation (Section 7-3-310), payment by check is conditional and is
defeated as between the parties by dishonor of the check on due presentment. (Acts 1965, No.
549, p. 811; Acts 1995, No. 95-668, p. 1381, §4.)...
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7-9A-313
Section 7-9A-313 When possession by or delivery to secured party perfects security interest
without filing. (a) Perfection by possession or delivery. Except as otherwise provided in
subsection (b), a secured party may perfect a security interest in tangible negotiable documents,
goods, instruments, money, or tangible chattel paper by taking possession of the collateral.
A secured party may perfect a security interest in certificated securities by taking delivery
of the certificated securities under Section 7-8-301. (b) Goods covered by certificate of
title. With respect to goods covered by a certificate of title issued by this State, a secured
party may perfect a security interest in the goods by taking possession of the goods only
in the circumstances described in Section 7-9A-316(d). (c) Collateral in possession of person
other than debtor. With respect to collateral other than certificated securities and goods
covered by a document, a secured party takes possession of collateral in...
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27-17A-41
Section 27-17A-41 Trust fund; trustee; interests of purchaser; seller. (a) Any person who receives
or collects any funds on account of a preneed contract in this state for cemetery services
or cemetery merchandise, or both, entered into after May 1, 2002, shall have the obligation
to pay over and contribute into a trust fund as hereinafter described, those amounts or proportions
of the funds as hereinafter provided. (b) Whether or not the preneed contract provides for
cemetery merchandise or cemetery services, or any combination thereof, the trust fund shall
be referred to in this section as the Cemetery Merchandise and Services Trust Fund. (c) The
trustee of the Cemetery Merchandise and Services Trust Fund shall be qualified as such within
the definition of the trustee. (d) The trustee shall take title to the property conveyed to
the Cemetery Merchandise and Services Trust Fund subject to this section. (e) The contract
purchaser shall have no interest whatsoever in, or power...
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