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7-2-707
Section 7-2-707 "Person in the position of a seller." (1) A "person in the position
of a seller" includes as against a principal an agent who has paid or become responsible
for the price of goods on behalf of his principal or anyone who otherwise holds a security
interest or other right in goods similar to that of a seller. (2) A person in the position
of a seller may as provided in this article withhold or stop delivery (Section 7-2-705) and
resell (Section 7-2-706) and recover incidental damages (Section 7-2-710). (Acts 1965, No.
549, p. 811.)...
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7-2-327
Section 7-2-327 Special incidents of sale on approval and sale or return. (1) Under a sale
on approval unless otherwise agreed: (a) Although the goods are identified to the contract
the risk of loss and the title do not pass to the buyer until acceptance; and (b) Use of the
goods consistent with the purpose of trial is not acceptance but failure seasonably to notify
the seller of election to return the goods is acceptance, and if the goods conform to the
contract acceptance of any part is acceptance of the whole; and (c) After due notification
of election to return, the return is at the seller's risk and expense, but a merchant buyer
must follow any reasonable instructions. (2) Under a sale or return unless otherwise agreed:
(a) The option to return extends to the whole or any commercial unit of the goods while in
substantially their original condition, but must be exercised seasonably; and (b) The return
is at the buyer's risk and expense. (Acts 1965, No. 549, p. 811.)...
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7-7-308
Section 7-7-308 Enforcement of carrier's lien. (a) A carrier's lien on goods may be enforced
by public or private sale of the goods, in bulk or in packages, at any time or place and on
any terms that are commercially reasonable, after notifying all persons known to claim an
interest in the goods. The notification must include a statement of the amount due, the nature
of the proposed sale, and the time and place of any public sale. The fact that a better price
could have been obtained by a sale at a different time or in a method different from that
selected by the carrier is not of itself sufficient to establish that the sale was not made
in a commercially reasonable manner. The carrier sells goods in a commercially reasonable
manner if the carrier sells the goods in the usual manner in any recognized market therefor,
sells at the price current in that market at the time of the sale, or otherwise sells in conformity
with commercially reasonable practices among dealers in the type of...
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7-7-503
Section 7-7-503 Document of title to goods defeated in certain cases. (a) A document of title
confers no right in goods against a person that before issuance of the document had a legal
interest or a perfected security interest in the goods and that did not: (1) Deliver or entrust
the goods or any document of title covering the goods to the bailor or the bailor's nominee
with: (A) Actual or apparent authority to ship, store, or sell; (B) Power to obtain delivery
under Section 7-7-403; or (C) Power of disposition under Section 7-2-403, 7-2A-304(2), 7-2A-305(2),
7-9A-320, or 7-9A-321(c) or other statute or rule of law; or (2) Acquiesce in the procurement
by the bailor or its nominee of any document. (b) Title to goods based upon an unaccepted
delivery order is subject to the rights of any person to which a negotiable warehouse receipt
or bill of lading covering the goods has been duly negotiated. That title may be defeated
under Section 7-7-504 to the same extent as the rights of the...
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7-2-612
Section 7-2-612 "Installment contract"; breach. (1) An "installment contract"
is one which requires or authorizes the delivery of goods in separate lots to be separately
accepted, even though the contract contains a clause "each delivery is a separate contract"
or its equivalent. (2) The buyer may reject any installment which is nonconforming if the
nonconformity substantially impairs the value of that installment and cannot be cured or if
the nonconformity is a defect in the required documents; but if the nonconformity does not
fall within subsection (3) and the seller gives adequate assurance of its cure, the buyer
must accept that installment. (3) Whenever nonconformity or default with respect to one or
more installments substantially impairs the value of the whole contract there is a breach
of the whole. But the aggrieved party reinstates the contract if he accepts a nonconforming
installment without seasonably notifying of cancellation or if he brings an action with respect
only...
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7-7-302
Section 7-7-302 Through bills of lading and similar documents of title. (a) The issuer of a
through bill of lading, or other document of title embodying an undertaking to be performed
in part by a person acting as its agent or by a performing carrier, is liable to any person
entitled to recover on the bill or other document for any breach by the other person or the
performing carrier of its obligation under the bill or other document. However, to the extent
that the bill or other document covers an undertaking to be performed overseas or in territory
not contiguous to the continental United States or an undertaking including matters other
than transportation, this liability for breach by the other person or the performing carrier
may be varied by agreement of the parties. (b) If goods covered by a through bill of lading
or other document of title embodying an undertaking to be performed in part by a person other
than the issuer are received by that person, the person is subject, with...
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7-9A-521
Section 7-9A-521 Uniform form of written financing statement and amendment. (a) Initial financing
statement form. A filing office that accepts written records may not refuse to accept a written
initial financing statement in the following form and format except for a reason set forth
in Section 7-9A-516(b): UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF
CONTACT AT FILER (optional) ___ B. E-MAIL CONTACT AT FILER (optional) ___ C. SEND ACKNOWLEDGMENT
TO: (Name and Address) ___ THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR'S NAME:
Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate
any part of the Debtor's name); if any part of the Individual Debtor's name will not fit in
line 1b, leave all of item 1 blank, check here [ ] and provide the Individual Debtor information
in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a....
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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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7-2-107
Section 7-2-107 Goods to be severed from realty; recording. (1) A contract for the sale of
minerals or the like (including oil and gas) or a structure or its materials to be removed
from realty is a contract for the sale of goods within this article if they are to be severed
by the seller, but until severance a purported present sale thereof which is not effective
as a transfer of an interest in land is effective only as a contract to sell. (2) A contract
for the sale apart from the land of growing crops or other things attached to realty and capable
of severance without material harm thereto but not described in subsection (1) is a contract
for the sale of goods within this article whether the subject matter is to be severed by the
buyer or by the seller even though it forms part of the realty at the time of contracting,
and the parties can by identification effect a present sale before severance. (3) The provisions
of this section are subject to any third-party rights provided by the...
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7-2-305
Section 7-2-305 Open price term. (1) The parties if they so intend can conclude a contract
for sale even though the price is not settled. In such a case the price is a reasonable price
at the time for delivery if: (a) Nothing is said as to price; or (b) The price is left to
be agreed by the parties and they fail to agree; or (c) The price is to be fixed in terms
of some agreed market or other standard as set or recorded by a third person or agency and
it is not so set or recorded. (2) A price to be fixed by the seller or by the buyer means
a price for him to fix in good faith. (3) When a price left to be fixed otherwise than by
agreement of the parties fails to be fixed through fault of one party, the other may at his
option treat the contract as cancelled or himself fix a reasonable price. (4) Where, however,
the parties intend not to be bound unless the price be fixed or agreed and it is not fixed
or agreed there is no contract. In such a case the buyer must return any goods already...
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