Sales (UCC Article 2) 

Alabama Code > Title 7 > Article 2 > § 7-2-505 - Seller's shipment under reservation

(1) Where the seller has identified goods to the contract by or before shipment:

(a) His procurement of a negotiable bill of lading to his own order or otherwise reserves in him a security interest in the goods. His procurement of the bill to the order of a financing agency or of the buyer indicates in addition only the seller's expectation of transferring that interest to the person named.

(b) A nonnegotiable bill of lading to himself or his nominee reserves possession of the goods as security but except in a case of conditional delivery (subsection (2) of Section 7-2-507) a nonnegotiable bill of lading naming the buyer as consignee reserves no security interest even though the seller retains possession or control of the bill of lading.

(2) When shipment by the seller with reservation of a security interest is in violation of the contract for sale, it constitutes an improper contract for transportation within Section 7-2-504, but impairs neither the rights given to the buyer by shipment and identification of the goods to the contract nor the seller's powers as a holder of a negotiable document of title.

________________________________________________________________________

Questions & Answers: Sales (UCC Article 2)

I just purchased a membership with Vacation Inspirations a wholesale travel site in Charleston for 2750 I get home and look on Internet it has many many complaints as a scam outfit...

Karen, How was the purchase made? Over the Internet? In your home? Over the telephone? "Buyer's remorse" laws vary by what type of product or service is involved and how the sa...

Thanks Steve, I guess the new scam in charleston is to get tourists when booking tours to just go to a 45 minute travel membership seminar,unfortunely we did purchase this for 2750...

Karen, Obviously you'll want to immediately contact them to cancel and demand a refund. I'm not familiar with whatever contract you may have signed, so you should take a look at it...

I'm selling my parents' home and have been renting to someone with them going to buy. I have a contract with them and the time is running out and their lawyer has not setting with ...

Jeanie, What is the rental arrangement exactly? Is there a written lease? Is it month-to-month or week-to-week? If they stay beyond the expiration date, whatever that is, you hav...

Comments (0)