§ 554.2502 — Buyer’s right to goods on seller’s repudiation, failure to deliver, or insolvency

Iowa § 554.2502

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

1. Subject to subsections 2 and 3 and even though the goods have not been shipped a
buyerwhohaspaidapartorallofthepriceofgoodsinwhichthebuyerhasaspecialproperty
under the provisions of section 554.2501 may on making and keeping good a tender of any
unpaid portion of their price recover them from the seller if:
a. in the case of goods bought for personal, family, or household purposes, the seller
repudiates or fails to deliver as required by the contract; or
b. in all cases the seller becomes insolvent within ten days after receipt of the first
installment on their price.
2. The buyer’s right to recover the goods under subsection 1, paragraph “a”, vests upon
acquisition of a special property, even if the seller had not then repudiated or failed to deliver.
3. If the identification creating the buyer’s special property has been made by the buyer,
the buyer acquires the right to recover the goods only if they conform to the contract for sale.

Legislative History

[C24, 27, 31, 35, 39, §9946 – 9948; C46, 50, 54, 58, 62, §554.18 – 554.20; C66, 71, 73, 75, 77, 79, 81, §554.2502]