Maryland Code, COMMERCIAL LAW 2-402
Terms Used In Maryland Code, COMMERCIAL LAW 2-402
- Buyer: means a person who buys or contracts to buy goods. See
- Contract: A legal written agreement that becomes binding when signed.
- Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See
- Seller: means a person who sells or contracts to sell goods. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) A creditor of the seller may treat a sale or an identification of goods to a contract for sale as void if as against him a retention of possession by the seller is fraudulent under any rule of law of the state where the goods are situated, except that retention of possession in good faith and current course of trade by a merchant-seller for a commercially reasonable time after a sale or identification is not fraudulent.
(3) Nothing in this title shall be deemed to impair the rights of creditors of the seller
(a) Under the provisions of the title on secured transactions (Title 9); or
(b) Where identification to the contract or delivery is made not in current course of trade but in satisfaction of or as security for a preexisting claim for money, security or the like and is made under circumstances which under any rule of law of the state where the goods are situated would apart from this title constitute the transaction a fraudulent transfer or voidable preference.