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Title XXVI TRADE AND COMMERCE

Chapter 400

previous next Effective - 01 Jul 2001, see footnotebottom

  400.2-502.  Buyer's right to goods on seller's repudiation, failure to deliver, or insolvency. — (1)  Subject to subsections (2) and (3) of this section 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 or she has a special property under the provisions of section 400.2-501 may on making and keeping good a tender of any unpaid portion of their price recover them from the seller if:

  (a)  in the case of goods bought for personal, family or household purposes, the seller repudiates or fails to deliver as required by the contract; or

  (b)  in all cases, the seller becomes insolvent within ten days after receipt of the first installment on their price.

  (2)  The buyer's right to recover the goods under subdivision (a) of this section vests upon acquisition of a special property, even if the seller had not then repudiated or failed to deliver.

  (3)  If the identification creating his or her special property has been made by the buyer he or she acquires the right to recover the goods only if they conform to the contract for sale.

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(L. 1963 p. 503 § 2-502, A.L. 2001 S.B. 288)

Effective 7-01-01


---- end of effective   01 Jul 2001 ----

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