Nevada § 104.2702 Seller’s remedies on discovery of buyer’s insolvency

Nevada Statutes

§ 104.2702 — Seller’s remedies on discovery of buyer’s insolvency

Nevada·Title 8 COMMERCIAL INSTRUMENTS AND TRANSACTIONS·Ch. 104 Uniform· Remedies

1.Where the seller discovers the buyer to be insolvent the seller may refuse delivery except for cash including payment for all goods theretofore delivered under the contract, and stop delivery under this Article ( NRS 104.2705 ).

2.Where the seller discovers that the buyer has received goods on credit while insolvent the seller may reclaim the goods upon demand made within 10 days after the receipt, but if misrepresentation of solvency has been made to the particular seller in writing within 3 months before delivery the 10-day limitation does not apply. Except as provided in this subsection the seller may not base a right to reclaim goods on the buyer’s fraudulent or innocent misrepresentation of solvency or of intent to pay.

3.The seller’s right to reclaim under subsection 2 is subjec

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1. Where the seller discovers the buyer to be insolvent the seller may refuse delivery except for cash including payment for all goods theretofore delivered under the contract, and stop delivery under this Article ( NRS 104.2705 ).
2. Where the seller discovers that the buyer has received goods on credit while insolvent the seller may reclaim the goods upon demand made within 10 days after the receipt, but if misrepresentation of solvency has been made to the particular seller in writing within 3 months before delivery the 10-day limitation does not apply. Except as provided in this subsection the seller may not base a right to reclaim goods on the buyer’s fraudulent or innocent misrepresentation of solvency or of intent to pay.
3. The seller’s right to reclaim under subsection 2 is subject to the rights of a buyer in ordinary course or other good faith purchaser or lien creditor under this Article ( NRS 104.2403 ). Successful reclamation of goods excludes all other remedies with respect to them.

Nevada § 104.2702 (Seller’s remedies on discovery of buyer’s insolvency) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.