Iowa Code 554.2402 – Rights of seller’s creditors against sold goods
Current as of: 2024 | Check for updates
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Terms Used In Iowa Code 554.2402
- Contract: A legal written agreement that becomes binding when signed.
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
554.2402 Rights of seller’s creditors against sold goods.
1. Except as provided in subsections 2 and 3, rights of unsecured creditors of the seller
with respect to goods which have been identified to a contract for sale are subject to the buyer’s rights to recover the goods under this Article (sections 554.2502 and 554.2716).
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 the creditor 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 Article shall be deemed to impair the rights of creditors of the seller
a. under the provisions of the Article on Secured Transactions (Article 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 Article constitute the transaction a fraudulent transfer or voidable preference.
[C24, 27, 31, 35, 39, §9955; C46, 50, 54, 58, 62, §554.27; C66, 71, 73, 75, 77, 79, 81, §554.2402]
2020 Acts, ch 1062, §61
Referred to in §554.1301, 554.7504
1. Except as provided in subsections 2 and 3, rights of unsecured creditors of the seller
with respect to goods which have been identified to a contract for sale are subject to the buyer’s rights to recover the goods under this Article (sections 554.2502 and 554.2716).
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 the creditor 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 Article shall be deemed to impair the rights of creditors of the seller
a. under the provisions of the Article on Secured Transactions (Article 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 Article constitute the transaction a fraudulent transfer or voidable preference.
[C24, 27, 31, 35, 39, §9955; C46, 50, 54, 58, 62, §554.27; C66, 71, 73, 75, 77, 79, 81, §554.2402]
2020 Acts, ch 1062, §61
Referred to in §554.1301, 554.7504