Page:United States Statutes at Large Volume 50 Part 1.djvu/66

 75TH CONGRESS, 1ST SESSION-CH. 43-MARCH 17, 1937 is not bound to return them to the seller, but it is sufficient if he notifies the seller that he refuses to accept them. SEC. 51 . BUYER'S LIABILITY FOR FAILING TO ACCEPT DELIVERY .-When the seller is ready and willing to deliver the goods, and requests the buyer to take delivery, and the buyer does not within a reasonable time a fter such reque st take deliver y of the goods, he is liable to the seller for any loss o ccasioned by hi s neglect or re fusal to take deliv- ery, and also for a reasonable charge. for the care and custody of the goods. If the n eglect or refus al of the buyer to take deliv ery amounts to a repudiation or breach of the entire contract, the seller shall have t he right against the goods and on the cont ract hereinafter provided in favor of the seller when the buyer is in default. PART IV Part IV. RIGHTS OF UNPAID SELLER AGAINST THE GOODS SEC. 52. DEFINITION OF UNPAID SELLER .-(1) The seller of goods is deemed to be an unpaid seller within the meaning of this Act- (a) When the whole of the price has not been paid or tendered. (b) When a bill of exchange or other negotiable instrument has been received as conditional payment, and the condition on which it was received has been broken by reason of the dishonor of the instrument, the insolvency of the buyer, or otherwise. (2) In this part of this Act the term "seller" includes an agent of the seller to whom the bill of lading has been endorsed, or a con- signor or agent who has himself paid, or is directly responsible for, the price, or any other person who is in the position of a seller. SEC. 53 . REMEDIES CF AN UNPAI D SELLER .-(1) Subject to the pro- visions of this Act, notwithstanding that the property in the goods may have passed to the buyer, the unpaid seller of goods, as such has- (a) A lien on the goods or right to retain them for the price while lie is in possession of them ; (b) In case of insolvency of the buyer, the right of stopping the goods in transitu after he has parted with the possession of them (c) A right of resale as limited by this Act ; and (d) A r ight to rescind t he sale as limited by this Act. (2) Where the property in goods has not passed to the buyer, the unpaid seller has, in addition to his other remedies, a right of with- holding delivery similar to and coextensive with his rights of lien and stoppage in tr ansitu where the property has passe d to the buyer. UNPAID SELLER'S LIEN SEC. 54 . WHEN RIGHT OF LIEN MAY BE EXERCISED .-(1) Subject to the provisions of this Act, the unpaid sell er of goods who is in possession of them is entitled to retain possession of them until pay- ment or tender of the price in the following cases, namely- (a) Where the goods have been sold without any stipulation as to credit ; (b) Where the goods have been sold on credit, but the term of credit has expired ; and (c) Where the buyer becomes insolvent. (2) The seller may exercise his right of lien, notwithstanding that he is in possess ion of the goods as agent or baile e for the buyer. SEC. 55 . LIEN AFTER PART DELIVERY.-Where an unpaid seller has made part delivery of the goods, he may exercise his right of lien on the remainder, unless such part delivery has been made under such Buyer's liability for failing to accept deliv- ery. Rights of unpaid seller against the goods. Definition of unpaid seller. Remedies. 41 Unpaid seller's lien . When right of lien may be exercised. Lien after part de- livery.