Indiana § 26-1-2-706 Seller's resale, including contract for resale

Indiana Statutes

§ 26-1-2-706 — Seller's resale, including contract for resale

Indiana § 26-1-2-706

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 2Sales

This text of Indiana § 26-1-2-706 (Seller's resale, including contract for resale) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-2-706 (2026).

Text

(1)Under the conditions stated in IC 26-1-2-703 on seller's remedies, the seller may resell the goods concerned or the undelivered balance thereof. Where the resale is made in good faith and in a commercially reasonable manner, the seller may recover the difference between the resale price and the contract price together with any incidental damages allowed under the provisions of IC 26-1-2-710, but less expenses saved in consequence of the buyer's breach.

(2)Except as otherwise provided in subsection (3) or unless otherwise agreed, resale may be at public or private sale including sale by way of one (1) or more contracts to sell or of identification to an existing contract of the seller. Sale may be as a unit or in parcels and at any time and place and on any terms, but every aspect of t

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(1) Under the conditions stated in IC 26-1-2-703 on seller's remedies, the seller may resell the goods
concerned or the undelivered balance thereof. Where the resale is made
in good faith and in a commercially reasonable manner, the seller may
recover the difference between the resale price and the contract price
together with any incidental damages allowed under the provisions of
IC 26-1-2-710, but less expenses saved in consequence of the buyer's
breach.
(2) Except as otherwise provided in subsection (3) or unless
otherwise agreed, resale may be at public or private sale including sale
by way of one (1) or more contracts to sell or of identification to an
existing contract of the seller. Sale may be as a unit or in parcels and
at any time and place and on any terms, but every aspect of the sale
including the method, manner, time, place, and terms must be
commercially reasonable. The resale must be reasonably identified as
referring to the broken contract, but it is not necessary that the goods
be in existence or that any or all of them have been identified to the
contract before the breach.
(3) Where the resale is at private sale, the seller must give the buyer
reasonable notification of his intention to resell.
(4) Where the resale is at public sale:
(a) only identified goods can be sold except where there is a
recognized market for a public sale of futures in goods of the
kind; and
(b) it must be made at a usual place or market for public sale if
one is reasonably available and, except in the case of goods which
are perishable or threaten to decline in value speedily, the seller
must give the buyer reasonable notice of the time and place of the
resale; and
(c) if the goods are not to be within the view of those attending
the sale, the notification of sale must state the place where the
goods are located and provide for their reasonable inspection by
prospective bidders; and
(d) the seller may buy.
(5) A purchaser who buys in good faith at a resale takes the goods
free of any rights of the original buyer even though the seller fails to
comply with one (1) or more of the requirements of this section.
(6) The seller is not accountable to the buyer for any profit made on
any resale. A person in the position of a seller (IC 26-1-2-707) or a
buyer who has rightfully rejected or justifiably revoked acceptance
must account for any excess over the amount of his security interest, as
hereinafter defined (IC 26-1-2-711(3)).
Formerly: Acts 1963, c.317, s.2-706. As amended by
P.L.152-1986, SEC.165.