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History
- Referred to judiciary
- Referred to judiciary
Companion bill
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Deems goods to be on sale or return as to creditor claims when goods delivered to person dealing in goods of the kind involved
In Assembly Committee · Consumer Affairs And Protection · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the uniform commercial code, in relation to deeming goods to be on sale or return as to creditor claims when goods delivered to person dealing in goods of the kind involved
Purpose
This bill deems goods to be on sale or return as to creditor claims when goods delivered to person dealing in goods of the kind involved.
Summary of provisions
The section heading and subsection 2 of section 2-236 of the uniform commercial code, as amended by chapter 84 of the laws of2001, are amended and new subsection 4 is added.
Justification
In 2001, the New York State Legislature enacted laws changing the uniform commercial code (UCC) that were pursuant to federal recommendations. However, there have been adverse and unintentional effects on individuals throughout the state. Persons who have brought items to auctioneers or consignment shops have had their belongings sold at auction to payoff debt incurred by the auction/consignment company. The individual never receives any money from the items they brought to the shop. The money made from the resulting auction has been used to pay off the remaining debt of the auction/consignment shop.
This practice is horrendously unfair and penalizes the individual for financial missteps made by the shop owner. It is the goal of this legislation to put an end to this practice in New York State.
Legislative history
S.864, 2007-08; S.1368, 2005-06; S.6875, 2004.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.