consign

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consign

v. 1) to deliver goods to a merchant to sell on behalf of the party delivering the items, as distinguished from transferring to a retailer at a wholesale price for re-sale. Example: leaving one's auto at a dealer to sell and split the profit. 2) to deliver to a carrier to be taken to an agent of the sender. 3) when a debtor has belongings but no money to pay his/her creditors and deposits his/her goods with a trustee who will sell them to raise money to pay the owner's debts and creditors. This is done by agreement between a debtor and his/her creditors or by order of a bankruptcy judge.

References in periodicals archive ?
It should require all consignees to be registered and should see to it that they have legitimate operations, he said.
'Shouldn't we be checking if consignees have warehouses and are not hole-in-the-wall operations?' he said.
Through the consignment agreement there may be sold consumer goods, clothing, footwear, handicrafts, art, goods that can be delivered to the consignee all at once or gradually, on the basis of successive notes or invoices.
2054 of the Civil Code a variety of commission agreement, the latter being the "mandate" the consignee acts on the behalf of the principal, but on his own behalf, that is "the type" of mandate without representation, without details of the quality of the parties (Uliescu, 2015: 453).
But the study concluded that although further analysis is needed to fully understand the cost implications for shippers and carriers, consignees and service providers might embrace the concept of off-peak deliveries if provided with the right financial incentives.
A "sale or return" consignment is one where the goods are delivered to the consignee primarily for resale.
A consignor may prefer to characterize its consignment transaction as a "sale on approval" or a bailment not subject to the claims of the consignee's creditors, rather than as a "sale or return" subject to the claims of creditors.
But there are situations where the exporter is yet to get payment from the consignee, so to schedule the products laden in containers to a shipping line becomes difficult.
Section 9-319(a) states that in determining the rights of creditors of, and purchasers for value of goods from, a consignee, the consignee is deemed to acquire all of the consignor's rights in the consigned goods if the consignor's interest in the goods is not perfected.