(810 ILCS 5/2-402) (from Ch. 26, par. 2-402)
Sec. 2-402.
Rights of seller's creditors against sold goods.
(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 this Article (Sections 2-502 and 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 this Article shall be deemed to impair the rights of
creditors of the seller
(a) under the provisions of the Article on Secured Transactions
(Article 9); or
(b) where identification to the contract or delivery is made not in current course of | ||
| ||
(Source: Laws 1961, p. 2101.)
|