Illinois Compiled Statutes 810 ILCS 5/2-502 – Buyer’s right to goods on seller’s insolvency
Current as of: 2024 | Check for updates
|
Other versions
(1) Subject to subsections (2) and (3) 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 has a special property under the provisions of the immediately preceding section 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,
(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
|
10 days after receipt of the first installment on their price.
|
(2) The buyer’s right to recover the goods under subsection (1)(a) vests upon acquisition of a special property, even if the seller had not then repudiated or failed to deliver.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/2-502
- Buyer: means a person who buys or contracts to
buy goods. See Illinois Compiled Statutes 810 ILCS 5/2-103 | ||
|