§ 554.2709 — Action for the price

Iowa § 554.2709

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

Text

1. When the buyer fails to pay the price as it becomes due the seller may recover, together
with any incidental damages under section 554.2710, the price:
a. of goods accepted or of conforming goods lost or damaged within a commercially
reasonable time after risk of their loss has passed to the buyer; and
b. of goods identified to the contract if the seller is unable after reasonable effort to resell
them at a reasonable price or the circumstances reasonably indicate that such effort will be
unavailing.
2. Where the seller sues for the price the seller must hold for the buyer any goods
which have been identified to the contract and are still in the seller’s control except that if
resale becomes possible the seller may resell them at any time prior to the collection of the
judgment. The net proceeds of any such resale must be credited to the buyer and payment
of the judgment entitles the buyer to any goods not resold.
3. Afterthebuyerhaswrongfullyrejectedorrevokedacceptanceofthegoodsorhasfailed
to make a payment due or has repudiated (section 554.2610), a seller who is held not entitled
to the price under this section shall nevertheless be awarded damages for nonacceptance
under section 554.2708.

Legislative History

[C24,27,31,35,39,§9992; C46,50,54,58,62,§554.64; C66,71,73,75,77,79,81,§554.2709]