Question
In: Operations Management
What are the buyer's rights to goods when the seller becomes insolvent?
What are the buyer's rights to goods when the seller becomes insolvent?
Solutions
Expert Solution
§ 2-502. Buyer's Right to Goods on Seller's Insolvency.
(1) Subject to subsection (2) and even though the goods have not been shipped a buyer who has paid a part or all of the price of goods in which he has a special property under the provisions of the immediately preceding section may on making and keeping good a tender of any unpaid portion of their price recover them from the seller if the seller becomes insolvent within ten days after receipt of the first installment on their price.
(2) If the identification creating his special property has been made by the buyer he acquires the right to recover the goods only if they conform to the contract for sale.
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