§ 6A-2.1-308 - Special rights of creditors.
SECTION 6A-2.1-308
§ 6A-2.1-308 Special rights of creditors.– (1) A creditor of a lessor in possession of goods subject to a lease contractmay treat the lease contract as void if as against the creditor retention ofpossession by the lessor is fraudulent under any statute or rule of law, butretention of possession in good faith and current course of trade by the lessorfor a commercially reasonable time after the lease contract becomes enforceableis not fraudulent.
(2) Nothing in this chapter impairs the rights of creditorsof a lessor if the lease contract (a) becomes enforceable, not in currentcourse of trade but in satisfaction of or as security for a preexisting claimfor money, security, or the like, and (b) is made under circumstances whichunder any statute or rule of law apart from this chapter would constitute thetransaction a fraudulent transfer or voidable preference.
(3) A creditor of a seller may treat a sale or anidentification of goods to a contract for sale as void if as against thecreditor retention of possession by the seller is fraudulent under any statuteor rule of law, but retention of possession of the goods pursuant to a leasecontract entered into by the seller as lessee and the buyer as lessor inconnection with the sale or identification of the goods is not fraudulent ifthe buyer bought for value and in good faith.