Unpaid Seller: Jaiib/DBF Paper 3 (Module D), Unit-9

Unpaid Seller: Jaiib/DBF Paper 3 (Module D), Unit-9

Dear bankers,

As we all know that is Unpaid Seller for JAIIB Exam. JAIIB exam conducted twice in a year. So, here we are Unpaid Seller (Unit-9), Commercial Laws with Reference to Banking Operations (Module D), Legal & Regulatory Aspects of Banking -Paper 3.

♦Unpaid Seller

The seller of goods is deemed to be an ‘unpaid seller’,

  • When the whole of the price has not been paid or tendered;
  • When the payment for the goods is received in the form of a cheque or other negotiable instrument and the same is dishonoured for financial or other reasons

Unpaid seller’s rights against the goods

  • A lien on the goods for the price while he is in possession of them;
  •  In case of insolvency of the buyer, a right of stopping the goods in transit after he has parted with the possession of them;
  • A right of resale.

If the property in goods has not passed to the buyer, the unpaid seller also has a right of withholding delivery of the goods.

Unpaid seller’s lien

The unpaid seller of goods (who is in possession of them), is entitled to retain possession of them until payment of the price is made in the following cases:

  • If the goods have been sold without any stipulation as to credit;
  •  If the goods have been sold on credit, but the term of credit has expired;
  • If the buyer becomes insolvent.

The unpaid seller of goods loses his lien thereon

  • When he delivers the goods to a carrier or other bailee for the purpose of transmission to the buyer without reserving the right of disposal of the goods;
  • When the buyer or his agent lawfully obtains possession of the goods;
  • By waiver of lien.

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