reglab/housing_qa huggingface dataset:
IN Code § 26-1-2-325 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-325. "Letter of Credit"; "Confirmed Credit"

Sec. 325. (1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.(2) The delivery to seller of a proper letter of credit suspends the buyer's obligation to pay. If the letter of credit is dishonored, the seller may on seasonable notification to the buyer require payment directly from him.(3) Unless otherwise agreed the term "letter of credit" or "banker's credit" in a contract for sale means an irrevocable credit issued by a financing agency of good repute and, where the shipment is overseas, of good international repute. The term "confirmed credit" means that the credit must also carry the direct obligation of such an agency which does business in the seller's financial market.Formerly: Acts 1963, c.317, s.2-325.
IN Code § 26-1-2-326 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-326. Sale on Approval and Sale or Return

Sec. 326. (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 (IC 26-2-2-201) and as contradicting the sale aspect of the contract within the provisions of IC 26-1-2-202 on parol or extrinsic evidence.Formerly: Acts 1963, c.317, s.2-326. As amended by P.L.152-1986, SEC.140; P.L.57-2000, SEC.17.
IN Code § 26-1-2-327 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-327. Special Incidents of Sale on Approval and Sale or Return

Sec. 327. (1) Under a sale on approval unless otherwise agreed(a) although the goods are identified to the contract the risk of loss and the title do not pass to the buyer until acceptance; and(b) use of the goods consistent with the purpose of trial is not acceptance but failure seasonably to notify the seller of election to return the goods is acceptance, and if the goods conform to the contract acceptance of any part is acceptance of the whole; and(c) after due notification of election to return, the return is at the seller's risk and expense but a merchant buyer must follow any reasonable instructions.(2) Under a sale or return unless otherwise agreed(a) the option to return extends to the whole or any commercial unit of the goods while in substantially their original condition, but must be exercised seasonably; and(b) the return is at the buyer's risk and expense.Formerly: Acts 1963, c.317, s.2-327.
IN Code § 26-1-2-328 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-328. Sale by Auction

Sec. 328. (1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale.(2) A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner. Where a bid is made while the hammer is falling in acceptance of a prior bid the auctioneer may in his discretion reopen the bidding or declare the goods sold under the bid on which the hammer was falling.(3) Such a sale is with reserve unless the goods are in explicit terms put up without reserve. In an auction with reserve the auctioneer may withdraw the goods at any time until he announces completion of the sale. In an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time. In either case a bidder may retract his bid until the auctioneer's announcement of completion of the sale, but a bidder's retraction does not revive any previous bid.(4) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale.Formerly: Acts 1963, c.317, s.2-328.
IN Code § 26-1-2-401 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-401. Passing of Title; Reservation of Security; Limited Application of This Section

Sec. 401. Each provision of IC 26-1-2 with regard to the rights, obligations, and remedies of the seller, the buyer, purchasers, or other third parties applies irrespective of title to the goods, except where the provision refers to such title. Insofar as situations are not covered by the other provisions of IC 26-1-2 and matters concerning title become material, the following rules apply:(1) Title to goods cannot pass under a contract for sale prior to their identification to the contract (IC 26-1-2-501), and unless otherwise explicitly agreed, the buyer acquires by their identification a special property as limited by IC 26-1. Any retention or reservation by the seller of the title (property) in goods shipped or delivered to the buyer is limited in effect to a reservation of a security interest. Subject to these provisions and to the provisions of IC 26-1-9.1 on secured transactions, title to goods passes from the seller to the buyer in any manner and on any conditions explicitly agreed on by the parties.(2) Unless otherwise explicitly agreed, title passes to the buyer at the time and place at which the seller completes his performance with reference to the physical delivery of the goods, despite any reservation of a security interest and even though a document of title is to be delivered at a different time or place, and in particular despite any reservation of a security interest by the bill of lading:(a) if the contract requires or authorizes the seller to send the goods to the buyer but does not require him to deliver them at destination, title passes to the buyer at the time and place of shipment; but(b) if the contract requires delivery at destination, title passes on tender there.(3) Unless otherwise explicitly agreed, where delivery is to be made without moving the goods:(a) if the seller is to deliver a tangible document of title, title passes at the time when and the place where he delivers such documents and if the seller is to deliver an electronic document of title, title passes when the seller delivers the document; or(b) if the goods are at the time of contracting already identified and no documents of title are to be delivered, title passes at the time and place of contracting.(4) A rejection or other refusal by the buyer to receive or retain the goods, whether or not justified, or a justified revocation of acceptance revests title to the goods in the seller. Such revesting occurs by operation of law and is not a "sale".Formerly: Acts 1963, c.317, s.2-401. As amended by P.L.152-1986, SEC.141; P.L.57-2000, SEC.18; P.L.143-2007, SEC.12.
IN Code § 26-1-2-402 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-402. Rights of Seller's Creditors Against Sold Goods

Sec. 402. (1) Except as provided in subsections (2) and (3), rights of unsecured creditors of the seller with respect to goods which have been identified to a contract for sale are subject to the buyer's rights to recover the goods under IC 26-1-2-502 and IC 26-1-2-716.(2) A creditor of the seller may treat a sale or an identification of goods to a contract for sale as void if as against him a retention of possession by the seller is fraudulent under any rule of law of the state where the goods are situated, except that retention of possession in good faith and current course of trade by a merchant-seller for a commercially reasonable time after a sale or identification is not fraudulent.(3) Nothing in IC 26-1-2 shall be deemed to impair the rights of creditors of the seller:(a) under the provisions of IC 26-1-9.1 on secured transactions; or(b) where identification to the contract or delivery is made not in current course of trade but in satisfaction of or as security for a pre-existing claim for money, security, or the like and is made under circumstances which under any rule of law of the state where the goods are situated would apart from IC 26-1-2 constitute the transaction a fraudulent transfer or voidable preference.Formerly: Acts 1963, c.317, s.2-402. As amended by P.L.152-1986, SEC.142; P.L.57-2000, SEC.19.
IN Code § 26-1-2-403 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-403. Power to Transfer; Good Faith Purchase of Goods; "Entrusting"

Sec. 403. (1) A purchaser of goods acquires all title which the purchaser's transferor had or had power to transfer, except that a purchaser of a limited interest acquires rights only to the extent of the interest purchased. A person with voidable title has power to transfer a good title to a good faith purchaser for value. When goods have been delivered under a transaction of purchase, the purchaser has such power even though:(a) the transferor was deceived as to the identity of the purchaser; or(b) the delivery was in exchange for a check which is later dishonored; or(c) it was agreed that the transaction was to be a "cash sale"; or(d) the delivery was procured through fraud punishable as theft under the criminal law.(2) Any entrusting of possession of goods to a merchant who deals in goods of that kind gives the merchant power to transfer all rights of the entruster to a buyer in ordinary course of business.(3) "Entrusting" includes any delivery and any acquiescence in retention of possession regardless of any condition expressed between the parties to the delivery or acquiescence and regardless of whether the procurement of the entrusting or the possessor's disposition of the goods have been such as to be theft under the criminal law.(4) The rights of other purchasers of goods and of lien creditors are governed by IC 26-1-9.1 on secured transactions and IC 26-1-7 on documents of title.Formerly: Acts 1963, c.317, s.2-403. As amended by P.L.152-1986, SEC.143; P.L.144-1997, SEC.3; P.L.57-2000, SEC.20; P.L.77-2007, SEC.3.
IN Code § 26-1-2-501 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-501. Insurable Interest in Goods; Manner of Identification of Goods

Sec. 501. (1) The buyer obtains a special property and an insurable interest in goods by identification of existing goods as goods to which the contract refers even though the goods so identified are nonconforming and he has an option to return or reject them. Such identification can be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement identification occurs(a) when the contract is made if it is for the sale of goods already existing and identified;(b) if the contract is for the sale of future goods other than those described in paragraph (c), when goods are shipped, marked or otherwise designated by the seller as goods to which the contract refers;(c) when the crops are planted or otherwise become growing crops or the young are conceived if the contract is for the sale of unborn young to be born within twelve (12) months after contracting or for the sale of crops to be harvested within twelve (12) months or the next normal harvest season after contracting whichever is longer.(2) The seller retains an insurable interest in goods so long as title to or any security interest in the goods remains in him and where the identification is by the seller alone he may until default or insolvency or notification to the buyer that the identification is final substitute other goods for those identified.(3) Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.Formerly: Acts 1963, c.317, s.2-501.
IN Code § 26-1-2-502 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-502. Buyer's Right to Goods on Seller's Repudiation, Failure to Deliver, or Insolvency

Sec. 502. (1) Subject to subsections (2) and (3) and even though the goods have not been shipped, a buyer who has paid a part or all of the price of goods in which he has a special property under the provisions of IC 26-1-2-501 may on making and keeping good a tender of any unpaid portion of their price recover them from the seller if:(a) in the case of goods bought for personal, family, or household purposes, the seller repudiates or fails to deliver as required by the contract; or(b) in other cases, the seller becomes insolvent within ten (10) days after receipt of the first installment on their price.(2) The buyer's right to recover the goods under subsection (1)(a) vests upon acquisition of a special property, even if the seller had not then repudiated or failed to deliver.(3) If the identification creating his special property has been made by the buyer, he acquires the right to recover the goods only if they conform to the contract for sale.Formerly: Acts 1963, c.317, s.2-502. As amended by P.L.152-1986, SEC.144; P.L.57-2000, SEC.21.
IN Code § 26-1-2-503 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-503. Manner of Seller's Tender of Delivery

Sec. 503. (1) Tender of delivery requires that the seller put and hold conforming goods at the buyer's disposition and give the buyer any notification reasonably necessary to enable him to take delivery. The manner, time and place for tender are determined by the agreement and IC 26-1-2, and in particular:(a) tender must be at a reasonable hour, and if it is of goods they must be kept available for the period reasonably necessary to enable the buyer to take possession; but(b) unless otherwise agreed, the buyer must furnish facilities reasonably suited to the receipt of the goods.(2) Where the case is within IC 26-1-2-504 respecting shipment, tender requires that the seller comply with its provisions.(3) Where the seller is required to deliver at a particular destination, tender requires that he comply with subsection (1) and also in any appropriate case tender documents as described in subsections (4) and (5).(4) Where goods are in the possession of a bailee and are to be delivered without being moved:(a) tender requires that the seller either tender a negotiable document of title covering such goods or procure acknowledgement by the bailee of the buyer's right to possession of the goods; but(b) tender to the buyer of a nonnegotiable document of title or of a record directing the bailee to deliver is sufficient tender unless the buyer seasonably objects, and except as otherwise provided in IC 26-1-9.1, receipt by the bailee of notification of the buyer's rights fixes those rights as against the bailee and all third persons; but risk of loss of the goods and of any failure by the bailee to honor the nonnegotiable document of title or to obey the direction remains on the seller until the buyer has had a reasonable time to present the document or direction, and a refusal by the bailee to honor the document or to obey the direction defeats the tender.(5) Where the contract requires the seller to deliver documents:(a) he must tender all such documents in correct form, except as provided in IC 26-1-2-323(2) with respect to bills of lading in a set; and(b) tender through customary banking channels is sufficient and dishonor of a draft accompanying the documents constitutes nonacceptance or rejection.Formerly: Acts 1963, c.317, s.2-503. As amended by P.L.152-1986, SEC.145; P.L.143-2007, SEC.13.
IN Code § 26-1-2-504 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-504. Shipment by Seller

Sec. 504. Where the seller is required or authorized to send the goods to the buyer and the contract does not require him to deliver them at a particular destination, then unless otherwise agreed he must(a) put the goods in the possession of such a carrier and make such a contract for their transportation as may be reasonable having regard to the nature of the goods and other circumstances of the case; and(b) obtain and promptly deliver or tender in due form any document necessary to enable the buyer to obtain possession of the goods or otherwise required by the agreement or by usage of trade; and(c) promptly notify the buyer of the shipment.Failure to notify the buyer under paragraph (c) or to make a proper contract under paragraph (a) is a ground for rejection only if material delay or loss ensues.Formerly: Acts 1963, c.317, s.2-504.
IN Code § 26-1-2-505 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-505. Seller's Shipment Under Reservation

Sec. 505. (1) Where the seller has identified goods to the contract by or before shipment:(a) His procurement of a negotiable bill of lading to his own order or otherwise reserves in him a security interest in the goods. His procurement of the bill to the order of a financing agency or of the buyer indicates in addition only the seller's expectation of transferring that interest to the person named.(b) A nonnegotiable bill of lading to himself or his nominee reserves possession of the goods as security, but except in a case of conditional delivery (IC 26-1-2-507(2)), a nonnegotiable bill of lading naming the buyer as consignee reserves no security interest even though the seller retains possession or control of the bill of lading.(2) When shipment by the seller with reservation of a security interest is in violation of the contract for sale, it constitutes an improper contract for transportation within IC 26-1-2-504, but impairs neither the rights given to the buyer by shipment and identification of the goods to the contract nor the seller's powers as a holder of a negotiable document of title.Formerly: Acts 1963, c.317, s.2-505. As amended by P.L.152-1986, SEC.146; P.L.143-2007, SEC.14.
IN Code § 26-1-2-506 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-506. Rights of Financing Agency

Sec. 506. (1) A financing agency by paying or purchasing for value a draft which relates to a shipment of goods acquires to the extent of the payment or purchase and in addition to its own rights under the draft and any document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer.(2) The right to reimbursement of a financing agency which has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular.Formerly: Acts 1963, c.317, s.2-506. As amended by P.L.143-2007, SEC.15.
IN Code § 26-1-2-507 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-507. Effect of Seller's Tender; Delivery on Condition

Sec. 507. (1) Tender of delivery is a condition to the buyer's duty to accept the goods and, unless otherwise agreed, to his duty to pay for them. Tender entitles the seller to acceptance of the goods and to payment according to the contract.(2) Where payment is due and demanded on the delivery to the buyer of goods or documents of title, his right as against the seller to retain or dispose of them is conditional upon his making the payment due.Formerly: Acts 1963, c.317, s.2-507.
IN Code § 26-1-2-508 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-508. Cure by Seller of Improper Tender or Delivery; Replacement

Sec. 508. (1) Where any tender or delivery by the seller is rejected because non-conforming and the time for performance has not yet expired, the seller may seasonably notify the buyer of his intention to cure and may then within the contract time make a conforming delivery.(2) Where the buyer rejects a non-conforming tender which the seller had reasonable grounds to believe would be acceptable with or without money allowance the seller may if he seasonably notifies the buyer have a further reasonable time to substitute a conforming tender.Formerly: Acts 1963, c.317, s.2-508.
IN Code § 26-1-2-509 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-509. Risk of Loss in the Absence of Breach

Sec. 509. (1) Where the contract requires or authorizes the seller to ship the goods by carrier:(a) if it does not require him to deliver them at a particular destination, the risk of loss passes to the buyer when the goods are duly delivered to the carrier even though the shipment is under reservation (IC 26-1-2-505); but(b) if it does require him to deliver them at a particular destination and the goods are there duly tendered while in the possession of the carrier, the risk of loss passes to the buyer when the goods are there duly so tendered as to enable the buyer to take delivery.(2) Where the goods are held by a bailee to be delivered without being moved, the risk of loss passes to the buyer:(a) on his receipt of possession or control of a negotiable document of title covering the goods; or(b) on acknowledgment by the bailee of the buyer's right to possession of the goods; or(c) after his receipt of possession or control of a nonnegotiable document of title or other direction to deliver in a record, as provided in IC 26-1-2-503(4)(b).(3) In any case not within subsection (1) or (2), the risk of loss passes to the buyer on his receipt of the goods if the seller is a merchant. Otherwise the risk passes to the buyer on tender of delivery.(4) The provisions of this section are subject to contrary agreement of the parties and to the provisions of IC 26-1-2-327 on sale on approval and IC 26-1-2-510 on effect of breach on risk of loss.Formerly: Acts 1963, c.317, s.2-509. As amended by P.L.152-1986, SEC.147; P.L.143-2007, SEC.16.
IN Code § 26-1-2-510 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-510. Effect of Breach on Risk of Loss

Sec. 510. (1) Where a tender or delivery of goods so fails to conform to the contract as to give a right of rejection the risk of their loss remains on the seller until cure or acceptance.(2) Where the buyer rightfully revokes acceptance he may to the extent of any deficiency in his effective insurance coverage treat the risk of loss as having rested on the seller from the beginning.(3) Where the buyer as to conforming goods already identified to the contract for sale repudiates or is otherwise in breach before risk of their loss has passed to him, the seller may to the extent of any deficiency in his effective insurance coverage treat the risk of loss as resting on the buyer for a commercially reasonable time.Formerly: Acts 1963, c.317, s.2-510.
IN Code § 26-1-2-511 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 2. Sales|26-1-2-511. Tender of Payment by Buyer; Payment by Check

Sec. 511. (1) Unless otherwise agreed, tender of payment is a condition to the seller's duty to tender and complete any delivery.(2) Tender of payment is sufficient when made by any means or in any manner current in the ordinary course of business, unless the seller demands payment in legal tender and gives any extension of time reasonably necessary to procure it.(3) Subject to the provisions of IC 26-1-3.1-802 on the effect of an instrument on an obligation, payment by check is conditional and is defeated as between the parties by dishonor of the check on due presentment.Formerly: Acts 1963, c.317, s.2-511. As amended by P.L.152-1986, SEC.148; P.L.222-1993, SEC.4.