§ 26-1-2-709 — Action for the price

Indiana § 26-1-2-709

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2: Sales

Text

(1) When the buyer fails to pay the price as
it becomes due, the seller may recover, together with any incidental
damages under IC 26-1-2-710, 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, he must hold for the buyer
any goods which have been identified to the contract and are still in his
control, except that if resale becomes possible he 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 him to any goods not resold.
(3) After the buyer has wrongfully rejected or revoked acceptance
of the goods or has failed to make a payment due or has repudiated (IC 26-1-2-610), a seller who is held not entitled to the price under this
section shall nevertheless be awarded damages for nonacceptance
under IC 26-1-2-708.
Formerly: Acts 1963, c.317, s.2-709. As amended by
P.L.152-1986, SEC.168.