7-2-710
Section 7-2-710 Seller's incidental damages. Incidental damages to an aggrieved seller include
any commercially reasonable charges, expenses or commissions incurred in stopping delivery,
in the transportation, care and custody of goods after the buyer's breach, in connection with
return or resale of the goods or otherwise resulting from the breach. (Acts 1965, No. 549,
p. 811.)...
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7-7-502
Section 7-7-502 Rights acquired by due negotiation. (a) Subject to Sections 7-7-205 and 7-7-503,
a holder to which a negotiable document of title has been duly negotiated acquires thereby:
(1) Title to the document; (2) Title to the goods; (3) All rights accruing under the law of
agency or estoppel, including rights to goods delivered to the bailee after the document was
issued; and (4) The direct obligation of the issuer to hold or deliver the goods according
to the terms of the document free of any defense or claim by the issuer except those arising
under the terms of the document or under this article, but in the case of a delivery order,
the bailee's obligation accrues only upon the bailee's acceptance of the delivery order and
the obligation acquired by the holder is that the issuer and any indorser will procure the
acceptance of the bailee. (b) Subject to Section 7-7-503, title and rights acquired by due
negotiation are not defeated by any stoppage of the goods represented by the...
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7-2-616
Section 7-2-616 Procedure on notice claiming excuse. (1) Where the buyer receives notification
of a material or indefinite delay or an allocation justified under Section 7-2-615, he may
by written notification to the seller as to any delivery concerned, and where the prospective
deficiency substantially impairs the value of the whole contract under the provisions of this
article relating to breach of installment contracts (Section 7-2-612), then also as to the
whole: (a) Terminate and thereby discharge any unexecuted portion of the contract; or (b)
Modify the contract by agreeing to take his available quota in substitution. (2) If after
receipt of such notification from the seller the buyer fails so to modify the contract within
a reasonable time not exceeding 30 days the contract lapses with respect to any deliveries
affected. (3) The provisions of this section may not be negated by agreement except insofar
as the seller has assumed a greater obligation under Section 7-2-615. (Acts...
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7-2-706
Section 7-2-706 Seller's resale including contract for resale. (1) Under the conditions stated
in Section 7-2-703 on seller's remedies, the seller may resell the goods concerned or the
undelivered balance thereof. Where the resale is made in good faith and in a commercially
reasonable manner the seller may recover the difference between the resale price and the contract
price together with any incidental damages allowed under the provisions of this article (Section
7-2-710), but less expenses saved in consequence of the buyer's breach. (2) Except as otherwise
provided in subsection (3) or unless otherwise agreed resale may be at public or private sale
including sale by way of one or more contracts to sell or of identification to an existing
contract of the seller. Sale may be as a unit or in parcels and at any time and place and
on any terms, but every aspect of the sale, including the method, manner, time, place and
terms, must be commercially reasonable. The resale must be reasonably...
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7-2-325
Section 7-2-325 "Letter of credit" term; "confirmed credit." (1) Failure
of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract
for sale. (2) The delivery to seller of a proper letter of credit suspends the buyer's obligation
to pay. If the letter of credit is dishonored, the seller may on seasonable notification to
the buyer require payment directly from him. (3) Unless otherwise agreed the term "letter
of credit" or "banker's credit" in a contract for sale means an irrevocable
credit issued by a financing agency of good repute and, where the shipment is overseas, of
good international repute. The term "confirmed credit" means that the credit must
also carry the direct obligation of such an agency which does business in the seller's financial
market. (Acts 1965, No. 549, p. 811.)...
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7-2-402
Section 7-2-402 Rights of seller's creditors against sold goods. (1) Except as provided in
subsections (2) and (3), rights of unsecured creditors of the seller with respect to goods
which have been identified to a contract for sale are subject to the buyer's rights to recover
the goods under this article (Sections 7-2-502 and 7-2-716). (2) A creditor of the seller
may treat a sale or an identification of goods to a contract for sale as void if as against
him a retention of possession by the seller is fraudulent under any rule of law of the state
where the goods are situated, except that retention of possession in good faith and current
course of trade by a merchant-seller for a commercially reasonable time after a sale or identification
is not fraudulent. (3) Nothing in this article shall be deemed to impair the rights of creditors
of the seller: (a) Under the provisions of the article on secured transactions (Article 9);
or (b) Where identification to the contract or delivery is made...
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7-2-513
Section 7-2-513 Buyer's right to inspection of goods. (1) Unless otherwise agreed and subject
to subsection (3), where goods are tendered or delivered or identified to the contract for
sale, the buyer has a right before payment or acceptance to inspect them at any reasonable
place and time and in any reasonable manner. When the seller is required or authorized to
send the goods to the buyer, the inspection may be after their arrival. (2) Expenses of inspection
must be borne by the buyer but may be recovered from the seller if the goods do not conform
and are rejected. (3) Unless otherwise agreed and subject to the provisions of this article
on C.I.F. contracts (subsection (3) of Section 7-2-321), the buyer is not entitled to inspect
the goods before payment of the price when the contract provides: (a) For delivery "C.O.D."
or on other like terms; or (b) For payment against documents of title, except where such payment
is due only after the goods are to become available for inspection....
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7-2-510
Section 7-2-510 Effect of breach on risk of loss. (1) Where a tender or delivery of goods so
fails to conform to the contract as to give a right of rejection the risk of their loss remains
on the seller until cure or acceptance. (2) Where the buyer rightfully revokes acceptance
he may to the extent of any deficiency in his effective insurance coverage treat the risk
of loss as having rested on the seller from the beginning. (3) Where the buyer as to conforming
goods already identified to the contract for sale repudiates or is otherwise in breach before
risk of their loss has passed to him, the seller may to the extent of any deficiency in his
effective insurance coverage treat the risk of loss as resting on the buyer for a commercially
reasonable time. (Acts 1965, No. 549, p. 811.)...
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7-9A-505
Section 7-9A-505 Filing and compliance with other statutes and treaties for consignments, leases,
other bailments, and other transactions. (a) Use of terms other than "debtor" and
"secured party." A consignor, lessor, or other bailor of goods, a licensor, or a
buyer of a payment intangible or promissory note may file a financing statement, or may comply
with a statute or treaty described in Section 7-9A-311(a), using the terms "consignor",
"consignee", "lessor", "lessee", "bailor", "bailee",
"licensor", "licensee", "owner", "registered owner",
"buyer", "seller", or words of similar import, instead of the terms "secured
party" and "debtor". (b) Effect of financing statement under subsection (a).
This part applies to the filing of a financing statement under subsection (a) and, as appropriate,
to compliance that is equivalent to filing a financing statement under Section 7-9A-311(b),
but the filing or compliance is not of itself a factor in determining whether the collateral
secures an...
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7-2-501
Section 7-2-501 Insurable interest in goods; manner of identification of goods. (1) The buyer
obtains a special property and an insurable interest in goods by identification of existing
goods as goods to which the contract refers even though the goods so identified are nonconforming
and he has an option to return or reject them. Such identification can be made at any time
and in any manner explicitly agreed to by the parties. In the absence of explicit agreement
"identification" occurs: (a) When the contract is made if it is for the sale of
goods already existing and identified; (b) If the contract is for the sale of future goods
other than those described in paragraph (c), when goods are shipped, marked or otherwise designated
by the seller as goods to which the contract refers; (c) When the crops are planted or otherwise
become growing crops or the young are conceived if the contract is for the sale of unborn
young to be born within 12 months after contracting or for the sale of...
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