Unpaid Seller
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
Who is an unpaid seller under the Sale of Goods Act, 1930?
An unpaid seller is one to whom the whole price has not been paid or tendered, or where a negotiable instrument received as conditional payment has been dishonored.
Under which Act is the concept of an unpaid seller governed in India?
Sale of Goods Act, 1930 governs unpaid seller rights.
Which sections of the Sale of Goods Act, 1930 define the rights of an unpaid seller?
Sections 45 to 54 of the Sale of Goods Act, 1930 deal with the rights of an unpaid seller against goods.
What is the meaning of 'unpaid' in the context of sale of goods?
Price not paid or negotiable instrument dishonoured.
What are the two categories of rights available to an unpaid seller?
An unpaid seller has rights against the goods (real rights) and rights against the buyer personally (personal rights).
Which section of the Sale of Goods Act, 1930 defines an unpaid seller?
Section 45 defines an unpaid seller.
What is the right of lien available to an unpaid seller?
An unpaid seller in possession of goods has the right to retain them until the price is paid or tendered, even if property has passed to the buyer.
What are the three main rights of an unpaid seller against the goods?
Lien, stoppage in transit, and right of resale.
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