A vendor may choose to sell its goods on a consignment basis. In a consignment transaction, the vendor, as consignor, delivers goods to the buyer, as consignee. The consignee then either holds the goods for sale or uses the goods to manufacture a finished product. As a general rule, the consignor retains title to its consigned goods, and does not record a sale of the goods until the consignee has either sold or used the goods. A consignment agreement should contain all of the necessary terms and conditions to protect the consignor's interest in the consigned goods. Consignments are also governed by each state's Uniform Commercial Code (UCC). UCC Article 9 deals with most consignment transactions. Furthermore, UCC Article 9 allows a consignor to file a UCC financing statement on its own,...
... upon delivery of the animal to the consignee, unless the consignor guarantees in writing the pa...
In a tolling arrangement, a vendor usually supplies raw materials to a commodity processor for conversion into finished product. The processor then delivers the finished or partially finished product to the supplier, or the supplier's designee, and charges the supplier a fee for the processor's services. In a consignment, the consignor retains title to the goods that were delivered to the consignee. The consignment terms are frequently governed by a written agreement between the consignor and consignee. A bailment is a delivery of goods by the owner, the bailor, to another party, the bailee, for some express purpose. After fulfilling this purpose, the bailee is obligated to return the goods to the bailor or dispose of the goods according to the bailor's instructions. Suppliers operating...
All too frequently, consignment vendors belatedly discover that they had failed to satisfy all of the requirements for obtaining a special protected interest in their consigned goods, and end up being relegated to the status of general unsecured creditors in their customer's bankruptcy case. A common error is the consignor's failure to file a UCC financing statement describing the goods in the required jurisdiction. A consignor should file a UCC financing statement, describing the consigned goods, in the state where the debtor is located in order to protect the consignor's interest in the goods from the risk of the consignee's bankruptcy filing and the consignee's bankruptcy trustee's avoidance of the consignment.
... means any person who is named as the consignor or consignee in a bill of lading contract who is n...
... on the part of the proprietor, owner, consignor, consignee, bailee, or carrier, or any employee or...
...A consignor may reconsign an in-bond shipment of spirits, dena... of the shipment at the premises of the consignee for any good faith reason. The consignor may recon...
... use means the sole use by a single consignor of a conveyance for which all initial, intermediat... with the direction of the consignor or consignee. The consignor and the carrier must ensure that an...
... and any accompanying document to the consignee. If the shipment is made by truck, the original tr...
...(1) Names of consignor and consignee;. (2) Origin and destination points;...
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