§ 28:2-707. "Person in the position of a seller".

Current through October 23, 2012

(1) A "person in the position of a seller" includes as against a principal an agent who has paid or become responsible for the price of goods on behalf of his principal or anyone who otherwise holds a security interest or other right in goods similar to that of a seller.

(2) A person in the position of a seller may as provided in this article withhold or stop delivery (section 28:2-705) and resell (section 28:2- 706) and recover incidental damages (section 28:2-710).

                
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(Dec. 30, 1963, 77 Stat. 666, Pub. L. 88-243, § 1.)

HISTORICAL AND STATUTORY NOTES

UNIFORM COMMERCIAL CODE COMMENT

Prior Uniform Statutory Provision

Section 52(2), Uniform Sales Act.

Changes

Rewritten.

Purposes of Changes

To make it clear that:

In addition to following in general the prior uniform statutory provision, the case of a financing agency which has acquired documents by honoring a letter of credit for the buyer or by discounting a draft for the seller has been included in the term "a person in the position of a seller."

Cross Reference

Article 5, Section 2-506.

Definitional Cross References

"Consignee". Section 7-102.

"Consignor". Section 7-102.

"Goods". Section 2-105.

"Security interest". Section 1-201.

"Seller". Section 2-103.

Prior Codifications

1981 Ed., § 28:2-707.

1973 Ed., § 28:2-707.