Hypo: On 1/15, B contracts with S to buy a cow for $80. B pays $25. K provides that B is to get delivery of the cow when she pays the balance of the purchase price. S becomes insolvent on 1/22. Does B have a legal right to obtain the cow by paying the balance of the purchase price?
Answer: Yes, under B's recovery of an identified, paid for good from a S who becomes insolvent within 10 days.
My questions: What happens to the $25? Is the 10 days calculated from the K date or the date payment is made?
K Question about Nonmonetary Remedies Forum
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desperate4lawschool
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BVest
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Re: K Question about Nonmonetary Remedies
a) The $25 is applied to the purchase of the cow (seller keeps it, or his creditors eventually get it). The buyer must tender the remaining $55 balance.desperate4lawschool wrote:Hypo: On 1/15, B contracts with S to buy a cow for $80. B pays $25. K provides that B is to get delivery of the cow when she pays the balance of the purchase price. S becomes insolvent on 1/22. Does B have a legal right to obtain the cow by paying the balance of the purchase price?
Answer: Yes, under B's recovery of an identified, paid for good from a S who becomes insolvent within 10 days.
My questions: What happens to the $25? Is the 10 days calculated from the K date or the date payment is made?
b) Insolvency must occur within 10 days of the initial payment.
See UCC 2-502.
Last edited by BVest on Sat Jan 27, 2018 6:13 am, edited 1 time in total.
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desperate4lawschool
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