§2-702. Seller's remedies on discovery of buyer's insolvency
(1). Where the seller discovers the buyer to be insolvent, he may refuse delivery except for cash including payment for all goods theretofore delivered under the contract, and stop delivery under this Article (section 2‑705).
(2). Where the seller discovers that the buyer has received goods on credit while insolvent, he may reclaim the goods upon demand made within 10 days after the receipt, but if misrepresentation of solvency has been made to the particular seller in writing within 3 months before delivery the 10 day limitation does not apply. Except as provided in this subsection the seller may not base a right to reclaim goods on the buyer's fraudulent or innocent misrepresentation of solvency or of intent to pay.
(3). The seller's right to reclaim under subsection (2) is subject to the rights of a buyer in ordinary course or other good faith purchaser under this Article (section 2‑403). Successful reclamation of goods excludes all other remedies with respect to them.
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
11 §2-701. Remedies for breach of collateral contracts not impaired
11 §2-702. Seller's remedies on discovery of buyer's insolvency
11 §2-703. Seller's remedies in general
11 §2-705. Seller's stoppage of delivery in transit or otherwise
11 §2-706. Seller's resale including contract for resale
11 §2-707. "Person in the position of a seller"
11 §2-708. Seller's damages for nonacceptance or repudiation
11 §2-709. Action for the price
11 §2-710. Seller's incidental damages
11 §2-711. Buyer's remedies in general; buyer's security interest in rejected goods
11 §2-712. "Cover"; buyer's procurement of substitute goods
11 §2-713. Buyer's damages for nondelivery or repudiation
11 §2-714. Buyer's damages for breach in regard to accepted goods
11 §2-715. Buyer's incidental and consequential damages
11 §2-716. Buyer's right to specific performance or replevin
11 §2-717. Deduction of damages from price
11 §2-718. Liquidation or limitation of damages; deposits
11 §2-719. Contractual modification or limitation of remedy
11 §2-720. Effect of "cancellation" or "rescission" on claims for antecedent breach
11 §2-722. Who can sue third parties for injury to goods
11 §2-723. Proof of market price; time and place