Florida Statute 672.702 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 672
UNIFORM COMMERCIAL CODE: SALES

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F.S. 672.702

672.702 Seller’s remedies on discovery of buyer’s insolvency.—

(1) Where the seller discovers the buyer to be insolvent the seller may refuse delivery except for cash including payment for all goods theretofore delivered under the contract, and stop delivery under this chapter (s. 672.705).

(2) Where the seller discovers that the buyer has received goods on credit while insolvent the seller 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 chapter (s. 672.403). Successful reclamation of goods excludes all other remedies with respect to them.

History.—s. 1, ch. 65-254; s. 4, ch. 79-398; s. 601, ch. 97-102.

Note.—s. 2-702, U.C.C.

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Amendments to 672.702

Arrestable Offenses / Crimes under Fla. Stat. 672.702

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 672.702.

Annotations, Discussions, Cases:

Cases Citing Statute 672.702

Total Results: 2

Mierzwa v. Florida Windstorm Underwriting

Court: District Court of Appeal of Florida | Date Filed: 2004-06-23

Citation: 877 So. 2d 774, 2004 Fla. App. LEXIS 8804, 2004 WL 1392320

Snippet: building be torn down and the site elevated. Section 672.702(1), Florida Statutes (2003), the valued policy

Beason-Simons v. AVION TECHNOLOGIES

Court: District Court of Appeal of Florida | Date Filed: 1995-11-01

Citation: 662 So. 2d 1317, 1995 WL 637513

Snippet: a seller's right of reclamation under section 672.702, Florida Statutes, where seller discovers buyer