7-2-505
Section 7-2-505 Seller's shipment under reservation. (1) Where the seller has identified goods
to the contract by or before shipment: (a) His procurement of a negotiable bill of lading
to his own order or otherwise reserves in him a security interest in the goods. His procurement
of the bill to the order of a financing agency or of the buyer indicates in addition only
the seller's expectation of transferring that interest to the person named. (b) A nonnegotiable
bill of lading to himself or his nominee reserves possession of the goods as security but
except in a case of conditional delivery (subsection (2) of Section 7-2-507) a nonnegotiable
bill of lading naming the buyer as consignee reserves no security interest even though the
seller retains possession or control of the bill of lading. (2) When shipment by the seller
with reservation of a security interest is in violation of the contract for sale, it constitutes
an improper contract for transportation within Section 7-2-504, but...
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7-2-603
Section 7-2-603 Merchant buyer's duties as to rightfully rejected goods. (1) Subject to any
security interest in the buyer (subsection (3) of Section 7-2-711), when the seller has no
agent or place of business at the market of rejection a merchant buyer is under a duty after
rejection of goods in his possession or control to follow any reasonable instructions received
from the seller with respect to the goods and in the absence of such instructions to make
reasonable efforts to sell them for the seller's account if they are perishable or threaten
to decline in value speedily. Instructions are not reasonable if on demand indemnity for expenses
is not forthcoming. (2) When the buyer sells goods under subsection (1), he is entitled to
reimbursement from the seller or out of the proceeds for reasonable expenses of caring for
and selling them, and if the expenses include no selling commission then to such commission
as is usual in the trade or if there is none to a reasonable sum not...
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7-2-712
Section 7-2-712 "Cover"; buyer's procurement of substitute goods. (1) After a breach
within Section 7-2-711, the buyer may "cover" by making in good faith and without
unreasonable delay any reasonable purchase of or contract to purchase goods in substitution
for those due from the seller. (2) The buyer may recover from the seller as damages the difference
between the cost of cover and the contract price together with any incidental or consequential
damages as hereinafter defined (Section 7-2-715), but less expenses saved in consequence of
the seller's breach. (3) Failure of the buyer to effect cover within this section does not
bar him from any other remedy. (Acts 1965, No. 549, p. 811.)...
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5-19-13
Section 5-19-13 Repossession or acceptance of surrender of goods priced at one thousand dollars
or less. If any seller or assignee of the seller repossesses or voluntarily accepts surrender
of goods sold in which the seller or assignee has a security interest and the original cash
price of the goods repossessed or surrendered was one thousand dollars ($$1,000)
or less, the buyer is not personally liable to the seller or assignee for the unpaid balance
of the debt arising from the sale and the seller or assignee is not obligated to sell the
collateral. (Acts 1971, No. 2052, p. 3290, §9; Acts 1996, No. 96-576, p. 887, §2.)...
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7-2-613
Section 7-2-613 Casualty to identified goods. Where the contract requires for its performance
goods identified when the contract is made, and the goods suffer casualty without fault of
either party before the risk of loss passes to the buyer, or in a proper case under a "no
arrival, no sale" term (Section 7-2-324) then: (a) If the loss is total the contract
is avoided; and (b) If the loss is partial or the goods have so deteriorated as no longer
to conform to the contract the buyer may nevertheless demand inspection and at his option
either treat the contract as avoided or accept the goods with due allowance from the contract
price for the deterioration or the deficiency in quantity but without further right against
the seller. (Acts 1965, No. 549, p. 811.)...
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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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7-2-507
Section 7-2-507 Effect of seller's tender; delivery on condition. (1) Tender of delivery is
a condition to the buyer's duty to accept the goods and, unless otherwise agreed, to his duty
to pay for them. Tender entitles the seller to acceptance of the goods and to payment according
to the contract. (2) Where payment is due and demanded on the delivery to the buyer of goods
or documents of title, his right as against the seller to retain or dispose of them is conditional
upon his making the payment due. (Acts 1965, No. 549, p. 811.)...
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7-2-608
Section 7-2-608 Revocation of acceptance in whole or in part. (1) The buyer may revoke his
acceptance of a lot or commercial unit whose nonconformity substantially impairs its value
to him if he has accepted it: (a) On the reasonable assumption that its nonconformity would
be cured and it has not been seasonably cured; or (b) Without discovery of such nonconformity
if his acceptance was reasonably induced either by the difficulty of discovery before acceptance
or by the seller's assurances. (2) Revocation of acceptance must occur within a reasonable
time after the buyer discovers or should have discovered the ground for it and before any
substantial change in condition of the goods which is not caused by their own defects. It
is not effective until the buyer notifies the seller of it. (3) A buyer who so revokes has
the same rights and duties with regard to the goods involved as if he had rejected them. (Acts
1965, No. 549, p. 811.)...
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7-2-602
Section 7-2-602 Manner and effect of rightful rejection. (1) Rejection of goods must be within
a reasonable time after their delivery or tender. It is ineffective unless the buyer seasonably
notifies the seller. (2) Subject to the provisions of Sections 7-2-603 and 7-2-604 on rejected
goods: (a) After rejection any exercise of ownership by the buyer with respect to any commercial
unit is wrongful as against the seller; and (b) If the buyer has before rejection taken physical
possession of goods in which he does not have a security interest under the provisions of
this article (subsection (3) of Section 7-2-711), he is under a duty after rejection to hold
them with reasonable care at the seller's disposition for a time sufficient to permit the
seller to remove them; but (c) The buyer has no further obligations with regard to goods rightfully
rejected. (3) The seller's rights with respect to goods wrongfully rejected are governed by
the provisions of this article on seller's remedies in...
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7-2-716
Section 7-2-716 Buyer's right to specific performance or replevin. (1) Specific performance
may be decreed where the goods are unique or in other proper circumstances. (2) The decree
for specific performance may include such terms and conditions as to payment of the price,
damages, or other relief as the court may deem just. (3) The buyer has a right of replevin
for goods identified to the contract if after reasonable effort he is unable to effect cover
for such goods or the circumstances reasonably indicate that such effort will be unavailing
or if the goods have been shipped under reservation and satisfaction of the security interest
in them has been made or tendered. In the case of goods bought for personal, family,
or household purposes, the buyer's right of replevin vests upon acquisition of a special property,
even if the seller had not then repudiated or failed to deliver. (Acts 1965, No. 549, p. 811;
Act 2001-481, p. 647, §2.)...
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