Nebraska Uniform Commercial Code 2-707
- Uniform Commercial Code
Person in the position of a seller.
(1) A "person in the position of a seller" includes as against a principal an agent who has paid or become responsible for the price of goods on behalf of his principal or anyone who otherwise holds a security interest or other right in goods similar to that of a seller.
(2) A person in the position of a seller may as provided in this article withhold or stop delivery (section 2-705) and resell (section 2-706) and recover incidental damages (section 2-710).
- Laws 1963, c. 544, Art. II, § 2-707, p. 1759.
Prior Uniform Statutory Provision: Section 52(2), Uniform Sales Act.
Purposes of Changes:
To make it clear that:
In addition to following in general the prior uniform statutory provision, the case of a financing agency which has acquired documents by honoring a letter of credit for the buyer or by discounting a draft for the seller has been included in the term "a person in the position of a seller".
Article 5 and section 2-506.
Definitional Cross References:
"Consignee". Section 7-102.
"Consignor". Section 7-102.
"Goods". Section 2-105.
"Security interest". Section 1-201.
"Seller". Section 2-103.