https://www.taxtmi.com/acts?id=7355 An unpaid seller's exercise of the right of lien or stoppage in transit does not rescind the contract. If goods are perishable or the seller gives notice of intention to re-sell and the buyer fails to pay within a reasonable time, the seller may re-sell and recover damages but the buyer cannot claim any profit on re-sale; absent such notice the seller cannot recover damages and the buyer takes any profit. A purchaser from a re-selling unpaid seller acquires a good title against the original buyer even without notice, and an express reservation of a right of re-sale followed by re-sale rescinds the original contract while preserving the seller's claim for damages. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 19 Jan 2008 22:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=7355 An unpaid seller's exercise of the right of lien or stoppage in transit does not rescind the contract. If goods are perishable or the seller gives notice of intention to re-sell and the buyer fails to pay within a reasonable time, the seller may re-sell and recover damages but the buyer cannot claim any profit on re-sale; absent such notice the seller cannot recover damages and the buyer takes any profit. A purchaser from a re-selling unpaid seller acquires a good title against the original buyer even without notice, and an express reservation of a right of re-sale followed by re-sale rescinds the original contract while preserving the seller's claim for damages. Act-Rules Indian Laws Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=7355