Maine Revised Statutes Title 11 Sec. 2-402 – Rights of seller’s creditors against sold goods
Current as of: 2023 | Check for updates
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(1). Except as provided in subsection (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 2?502 and 2?716).
Terms Used In Maine Revised Statutes Title 11 Sec. 2-402
- Buyer: means a person who buys or contracts to buy goods. See Maine Revised Statutes Title 11 Sec. 2-103
- 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 Maine Revised Statutes Title 11 Sec. 2-106
- Seller: means a person who sells or contracts to sell goods. See Maine Revised Statutes Title 11 Sec. 2-103
(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 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 pre-existing 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 conveyance or voidable preference. [PL 1965, c. 306, §7 (AMD).]
[PL 1965, c. 306, §7 (AMD).]
SECTION HISTORY
PL 1965, c. 306, §7 (AMD).