unpaid seller

unpaid seller

a seller of goods is an unpaid seller within the meaning of the Sale of Goods Act 1979 when the whole price has not been paid or tendered or when a bill of exchange or other negotiable instrument has been received as conditional payment and the condition on which it was received has not been fulfilled by reason of the dishonour of the instrument or otherwise. Such a seller is entitled to the remedies provided in the Act: LIEN, a right of RETENTION and if the buyer is insolvent the right of STOPPAGE IN TRANSIT.
References in periodicals archive ?
An unpaid seller can reclaim goods delivered to a buyer if the goods are sold to the buyer on credit terms, the buyer was insolvent (1) when it received the goods, and the creditor demanded (preferably in a written demand) return of the goods within 10 days of the debtor's receipt of the goods.
An unpaid seller of goods could also invoke UCC Sections 2-702, 2-703 and 2-705 to stop delivery of goods to a buyer that is either insolvent or has failed to timely pay its obligations to the seller.
According to UCC [section][section] 2-702, 2-703 and 2-705, an unpaid seller can stop delivery of goods not yet received by a buyer that is either insolvent or has failed to timely pay its obligations to the seller.
Under Article 2 of the Uniform Commercial Code ("UCC"), an unpaid seller has the right to stop delivery of goods that an insolvent buyer had not yet received.
An unpaid seller of perishable agricultural commodities that satisfies all of the requirements of PACA is the beneficiary of a statutory nonsegregated floating trust in all perishable agricultural commodities sold to the buyer (whether by that supplier or other PACA suppliers) and all products and proceeds derived from the commodities.
There will also be a discussion on recent cases dealing with an unpaid seller's stoppage of delivery rights where the seller beat the buyer's inventory secured lender and which make this remedy even more potent than reclamation.
Under state law, Article 2 of the Uniform Commercial Code ("UCC"), an unpaid seller of goods has the right to stop delivery of goods that an insolvent buyer has not yet received.
Section 546(c) of the Bankruptcy Code recognizes an unpaid seller's reclamation rights when the buyer is in bankruptcy.
It's only fair and right that the unpaid sellers of livestock have priority over the lenders, and their customers that did not pay for the livestock.
While the 15-day rule simplifies the repossession process for unpaid sellers, this other technical aspect of the provision still plagues creditors.
Reclamation is a remedy provided to unpaid sellers of goods under [section] 2-702 of the UCC.
The Perishable Agricultural Commodities Act ("PACA") grants preferred trust fund protection to eligible unpaid sellers and suppliers of perishable agricultural commodities.