§ 6A-2-326 - Sale on approval and sale or return – rights of creditors. - Rhode-island Statutes

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SECTION 6A-2-326

§ 6A-2-326 Sale on approval and sale orreturn – rights of creditors. – (1) Unless otherwise agreed, if delivered goods may be returned by the buyereven though they conform to the contract, the transaction is:

(a) a "sale on approval" if the goods are delivered primarilyfor use; and

(b) a "sale or return" if the goods are delivered primarilyfor resale.

(2) Goods held on approval are not subject to the claims ofthe buyer's creditors until acceptance; goods held on sale or return aresubject to such claims while in the buyer's possession.

(3) Any "or return" term of a contract for sale is to betreated as a separate contract for sale within the statute of frauds section ofthis chapter (§ 6A-2-201) and as contradicting the sale aspect of thecontract within the provisions of this chapter on parol or extrinsic evidence(§ 6A-2-202).

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-2 > 6a-2-326

SECTION 6A-2-326

§ 6A-2-326 Sale on approval and sale orreturn – rights of creditors. – (1) Unless otherwise agreed, if delivered goods may be returned by the buyereven though they conform to the contract, the transaction is:

(a) a "sale on approval" if the goods are delivered primarilyfor use; and

(b) a "sale or return" if the goods are delivered primarilyfor resale.

(2) Goods held on approval are not subject to the claims ofthe buyer's creditors until acceptance; goods held on sale or return aresubject to such claims while in the buyer's possession.

(3) Any "or return" term of a contract for sale is to betreated as a separate contract for sale within the statute of frauds section ofthis chapter (§ 6A-2-201) and as contradicting the sale aspect of thecontract within the provisions of this chapter on parol or extrinsic evidence(§ 6A-2-202).

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State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-2 > 6a-2-326

SECTION 6A-2-326

§ 6A-2-326 Sale on approval and sale orreturn – rights of creditors. – (1) Unless otherwise agreed, if delivered goods may be returned by the buyereven though they conform to the contract, the transaction is:

(a) a "sale on approval" if the goods are delivered primarilyfor use; and

(b) a "sale or return" if the goods are delivered primarilyfor resale.

(2) Goods held on approval are not subject to the claims ofthe buyer's creditors until acceptance; goods held on sale or return aresubject to such claims while in the buyer's possession.

(3) Any "or return" term of a contract for sale is to betreated as a separate contract for sale within the statute of frauds section ofthis chapter (§ 6A-2-201) and as contradicting the sale aspect of thecontract within the provisions of this chapter on parol or extrinsic evidence(§ 6A-2-202).