11 §2-326. Sale on approval and sale or return; rights of creditors
Title 11: UNIFORM COMMERCIAL CODE
Article 2: SALES
Part 3: GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT
§2-326. Sale on approval and sale or return; rights of creditors
(1). Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is
(a). A "sale on approval," if the goods are delivered primarily for use; and
(b). A "sale or return," if the goods are delivered primarily for resale.
(2). Goods held on approval are not subject to the claims of the buyer's creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer's possession.
[ 1999, c. 699, Pt. B, §28 (AFF); 1999, c. 699, Pt. B, §8 (RP) .]
(3).
[ 1999, c. 699, Pt. B, §28 (AFF); 1999, c. 699, Pt. B, §8 (RP) .]
(4). Any "or return" term of a contract for sale is to be treated as a separate contract for sale within the statute of frauds section of this Article (section 2-201) and as contradicting the sale aspect of the contract within the provisions of this Article on parol or extrinsic evidence (section 2-202).
SECTION HISTORY
1999, c. 699, §B28 (AFF). 1999, c. 699, §B8 (AMD).