§2-402. Rights of seller's creditors against sold goods

Link to law: http://legislature.vermont.gov/statutes/section/09A/002/00402
Published: 2015

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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

002

:
Sales











 

§

2-402. Rights of seller's creditors against sold goods

(1) Except as

provided in subsections (2) and (3) of this section, 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 (§§ 2-502 and 2-716).

(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 transfer or voidable preference.
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