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CPT Chapter Unpaid Seller

CA CPT Exam  

With Bharat Galani.Duration:1hrs 41min

Unpaid SellerDuration (min:sec)
Overview02:11
Who is unpaid Seller18:41
Rights of an Unpaid Seller 09:29
Rights to Lien14:05
Test for Right to Lien04:41
Right to Stoppage in Transit08:33
Right to Resale07:09
Right Against Buyer02:10
Quiz04:12
Summary00:46
Remedies for Buyer against Seller06:02
Auction Sale12:52
Quiz09:21
Conclusion01:02
Total01:41:14

Notes

Index
Who is unpaid seller
Rights of an unpaid seller
Remedies for Buyer against seller
Auction Sale

Who is an Unpaid Seller?
i) Whole of the price Not paid
ii) Conditional Payment -BOE or Cheque Dishonoured
Note:-
- Part payment left ₹100, ₹1 not paid
- Not unpaid seller before credit period. Unless Insolvent

Right to Lien

Right to Lien = retain the possession
Right only for unpaid price not other expense or claim

Right to lien is available only in following cases:-
i) Sold without credit
ii) If sold on Credit, credit period has expired
iii) Buyer became Insolvent, whether credit period expired or not

4. Seller loses right to lien when:-
i) He delivers to carrier for transmission without reserving right to disposal
ii) Buyers obtains lawful possession
iii) Seller waived off right to lien
iv) By Estoppel: Buyer dispose of goods with the consent of seller.
v)Where document of title has been issued to buyer & buyer transfer documents other person in good faith & consideration.

Right to Stoppage in Transit

Right to Stoppage in Transit is available
After Lien gets over
Only when buyer insolvent & goods are still in transit
Carrier - Independent person.

Right to Re-sale

1.Available if seller gives notice of reasonable time to buyer
2. If goods are of Perishable nature – No notice required

Auction Sale

Selling property by inviting bids publicly
Sold to highest bidder.
Auctioneer is an agent of seller.
Note:-
i. Sold on lots
ii. Completion of sale – fall of hammer, clap, etc.
iii. Reserve Price or Upset Price
iv. Reserve the Right to Bid
iv. Seller bids himself or through his agent - Inform
v. Pretended bidding - Fraudulent & voidable
vi. Rigging or Cartel formation-not allowed


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