Page:United States Statutes at Large Volume 50 Part 1.djvu/68

 75T H CONGRESS, 1ST SESSION-CH. 43 -MARCH 17, 1937 goods or to his principal. In the latter case the notice, to be effectual, must be given at such time and under suc h circumstance s that the, principal, by the exercise of reasonable diligence, ma y prevent a delivery to the buyer. (2) When notice of stoppage in transitu is given by the seller to the carrier, or other bailee in possession of the goods, he must rede- liver the goods to, or according to the directions of, the seller. The, expenses of such delivery must be borne by the seller. If, however, a negotiable document of title representing the goods has been issued by the carrier or other bailee, he shall not be obliged to deliver or justified in delivering the goods to the seller unless such document is first surrendered for cancelation. RESALE BY THE SELLER Resale by seller. SEC. 60 . WHEN AND HOW RESALE MAY BE MADE .-(1) Where the goods are of perishable nature, or where the seller expressly reserves the right of resale in case the buyer should make default, or where the buyer has been in default in the payment of the price an unrea- sonable time, an unpaid seller having a right of lien or having stopped the go ods in transi tu may resell the goods. H e shal l 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 giving or failure to give such notice shall be relevant in any issue involvin the question whether the buyer had been in default an unr easonable tim e before the resale was mad e. (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 orig inal buy er. r5) The seller is bound to exercise reasonable care and judgment in making a resale, and subject to this requirement may make a resale either by publ ic or p rivate sale . RESCISSION BY THE SELLER SEC . 61 . WHEN AND HOW THE SELLER MAY RESCIND THE SALE .-(1) An unpaid seller having the 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 reserved the right to do so in case the buyer should make default, or where the buyer has been in default in the payment of the price 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 manifested by notice to the buyer or by some other overt act an intention to rescind. It is not necessary that such overt act should be communicated to the buyer, but the giving or failure to give notice to the buyer of the intention to rescind shall be relevant in any issue involving the question whether the buyer had been in default an unreasonable time before the right of rescission was asserte d. 43 When and how re- sale may be made. Rescission by seller. When and how seller may rescind the sale. N otice, etc., of in- tention to rescind.