Unpaid Seller - Printable Version
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Unpaid Seller - amandeep - 02-03-2015
The seller of goods is deemed to be an unpaid seller
1. when the whole of the price has not been paid or tendered.
2. when the payment for the goods is received in the form or a cheque or other negotiable instrument and the same is dishonoured for financial or other reasons.
Rights of an Unpaid Seller
1. a lien on the goods for the price while he is in possession of them.
2. in case of insolvency of the buyer, a right of stopping the goods in transit after he has parted with the possession of them
3. a right of resale.
Unpaid seller's lien
the unpaid seller of goods (who is in possession of them), is entitled to retain possession of them until payment of the price is made in the following cases;
1. if the goods have been sold without any stipulation as to credit
2. if the goods have been sold been on credit , but the term of credit has expired
3. if the buyer becomes insolvent