Page:United States Statutes at Large Volume 47 Part 1.djvu/1249

 72d CONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . 1225 in section 689. The seller may voluntarily resell the goods for account of the buyer on compliance with the same requirements. SEC. 691. PROCEEDS OF RE SALE .- The proc eeds of the resa le s hall Proceeds of resale. be applied (1) to the payment of the expenses thereof, (2) to the payment of the expenses of retaking, keeping, and storing the goods, (3) to the satisfaction of the balance due under the contract. Any sum remaining after the satisfaction of such claims shall be paid to the buyer. SEC. 692. DEFICIENCY ON RESALE .-If the proceeds of the resale are Defiaenei~. not sufficient to defray the expenses thereof, and also the expenses of retaking, keeping, and storing the goods and the balance due upon the purchase price, the seller may iecover the deficiency from the buyer, or from any one who has succeeded to the obligations of the buyer. SEC. 693 . RIGHTS OF PARTIES WHERE THERE IS NO RESALE .-Where Rights of pa rties there is no resale the seller may retain the goods as his own property when no resale . without obligation to account to the buyer except as provided in section 695, and the buyer shall be discharged of all obligation. SEC. 694 . ELECTION OF REMEDIES .-After the retaking of posses- Election „[remedies. sion as provided in section 686 the buyer shall be liable for the price A" '' 1 ' only after a resale and only to the extent provided in section 692 . Neither the bringing of an action by the seller for the recovery of the whole or any part of the price, nor the recovery of judgment in such action, nor the collection of a portion of the price, shall be deemed inconsistent with a later retaking of the goods as provided in section 686 . But such right of retaking shall not be exercised by the seller after he has collected the entire price or after he has claimed a lien upon the goods, or attached them, or levied upon them as the goods of the buyer . SEC . 695 . RECOVERY OF PART PAYMENTS .-If the seller falls to corn- Recovery of p art payments. ply with the provisions of sections 688, 689, 690, 691, and 693, after Agu e, p .1224. retaking the goods, the buyer may recover from the seller his actual damages, if any, and in no event less than one-fourth of the sum of all payments which have been made under the contract, wit h interest. SEC. 696 . WAIVER OF STATU'T'ORY PROTECTION .-No act or agreement pro eeii onot sta tuto ry of the buyer before or at the time of the making of the contract, nor any agre emen t or statement by the buyer in such cont ract , shall constitute a valid waiver of the provisions of sections 688, 689, Ante, p. 1224. 690, 691, and 695 ; except that the contract may stipulate that on such default of the buyer as is provided for in section 686, the seller may rescind the conditional sale, either as to all the goods or as to any part thereof for which a specific price was fixed in the con- tract. If the contract thus -provides for rescission, the seller at his option may retake such goods without complying with or being bound by the provisions of sections 687 to 695, inclusive, as to the goods retaken, upon crediting the buyer with the full purchase price of those goods. So much of this credit as is necessary to cancel any inde bted ness of the buye r to the sel ler shal l be so appl ied, and the seller shall repay to the buyer on demand any surplus not so required . SEC. 697. Loss AND INCREASE .-After the delivery of the goods ~dtu c. to the buyer and prior to the retaking of them by the seller, the risk of injury and loss shall rest upon the buyer. The increase of the goods shall be subject to the sane conditions as the original goods. SEC. 698 . RULES FOR CASES NOT PROVIDED FOR .-In any case not Case s not provided provided for in this chapter the rules of law and equity, including f„r' the law merchant, and in particular those relating to principal and agent and to the effect of fraud, misrepresentation, duress or coercion,