Page:United States Statutes at Large Volume 47 Part 1.djvu/1241

 72d CONG RESS. SESS. IL CH. 128 . FEBRUA RY 27, 1933 . an unreasonable time, an unpaid seller having a right of lien or having stopped the goods in transitu may resell the goods. He shall not thereafter be liable to the original buyer upon the contract to sell or the sale or for any profit made by such resale, but may recover from the buyer damages for any loss occasioned by the breach of the contract or the sale. 2 . Where a resale is made, as authorized in this section, the buyer acquires a good title as against the original buyer. 3 . It is not essential to the validity of a resale that notice of an intention to resell the goods be given by the seller to the original buyer. But where the right to resell is not based on the perishable nature of the goods or upon an express provision of the contract or the sale, the gi ving or failure to give such not ice shall be rele vant in any i ssue inv olving t he quest ion whet her the b uyer had been in default an unreasonable time before the resale was made. 4 . It is not essential to the validity of a resale that notice of the time and place of such resale should be given by the seller to the original buyer. 5 . Th e seller is boun d to exe rcise re asonable care and judgmen t in making a resale, and subject to this requirement may make a resale either by public or private sale. SEC. 6)57. WHEN AND HOW THE SELLER MAY RESCIND THE SALE . - 1. An unpaid seller having a right of lien or having stopped the goods in transitu, may rescind the transfer of title and resume the property in the goods, where he expressly reserv ed the right to d o so in case the buye r should make de fault, or where the buyer has bee n in default in the payment of the pi ice an unreasonable time . The seller shall not thereafter be liable to the buyer upon the contract to sell or the sale, but may recover from the buyer damages for any loss occasioned by the breach of the contract or the sale . 2. The transfer of title shall not be held to have been rescinded by an unpaid seller until he has ma nifested by noti ce to the buyer o r by some other overt act an intention to rescind . It is not necessary that such ove rt act s hould be communi cated to the buye r but th e giving or failure to give notice to the buyer of the intention to rescind shall be relev ant in a ny issue involvi ng the q uestion w hether t he buyer had been in default an unreasonable time before the right of rescis- sion was as sert ed. SEC. 658. EFFECT OF SALE OF GOODS SUBJECT TO LIEN OR STOPPAGE IN TRANSITU .-Subject to the provisions of this chapter, the unpaid seller's right o f lien or stoppa ge in transitu i s not affected by any sale or other disposition of the goods which the buyer may have mate, unless the seller has assented thereto. If, however, a nego - tiable document of title has been issued for goods, no seller's lien or right of stoppage in transitu shall defeat the right of any pur- chaser for va lue in good faith to wh om su ch document has been negotiated, whether such negotiation be prior or subsequent to the notification to the carrier, or other bailee who issued such document, of the seller's claim to a hen or right of stoppage in transitu. SEC. 65 9. ACTION FOR THE PRICE.-1. Where, under a contract to sell or a sale, the property in the goods has passed to the buyer, and the buyer 'wrongfully neglects or refuses to pay for the goods accord- ing to the terms of the contract or the sale, th e seller may main tain an action agains t him for the pr ice of the goods. 2 . Where, under,a contrac t to sell or a s ale, the price is payable on a day certain, irrespective of delivery or of transfer of title, and the buyer wrongfully neglects or refuses to pay such price, the seller may maintain an action for the price, although the property in the go ods has not pass ed, and the good s have n ot been appropri ated to 3052 „-aa 	7 7 Rescission . Effect of sale of goods subject to lien or stop- page in transitu. Action for price. 1217