400.2-326. Sale on approval and sale or return — rights of creditors. — (1) Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is
(a) a "sale on approval" if the goods are delivered primarily for use, and
(b) a "sale or return" if the goods are delivered primarily for resale.
(2) Goods held on approval are not subject to the claims of the buyer's creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer's possession.
(3) Any "or return" term of a contract for sale is to be treated as a separate contract for sale within the statute of frauds section of this article (section 400.2-201) and as contradicting the sale aspect of the contract within the provisions of this article on parol or extrinsic evidence (section 400.2-202).
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(L. 1963 p. 503 § 2-326, A.L. 2001 S.B. 288)
Effective 7-01-01
(1974) Where car dealer left used cars with another dealer to be sold on commission and did not post signs or establish general knowledge that selling dealer was acting as his agent and failed to file, the consigned cars were subject to claim of selling dealer's creditors. Weidinger Chevrolet, Inc. v. Universal C.I.T. Corp. (C.A. Mo.), 501 F.2d 459.
(1977) Held, fuel sold on an agreement that title passed to service station operator when pumped through computing pumps does not come under this section. Stewart v. Brown (A.), 546 S.W.2d 204.
(1977) Term "saleable" means "marketable" not "undamaged". When change in plumbing code would have required changes in dishwashers to comply with code they were not "saleable". Intertherm, Inc. v. Coronet Imperial Corp. (A.), 558 S.W.2d 344.
---- end of effective 01 Jul 2001 ----
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