Legal Question in Business Law in New York

Re: contract of sale seller delivery obligation

Your supposition is right, the buyer has to pay the price in accordance with following 1528 c.c. just at the time of documents release. However parties can in advance settle a different price covenant (agreement to pay after physical delivery, but it shall be written) or buyer may claim against quality, but only if exception is in advance evidenced.

Overall, if insurance document has been also released, title and risk pass to buyer from delivery to carrier (art. 1528), but this rule is not applied when seller knows defects, losses, damages of physical goods and does not inform the buyer.

Finally, if presentation of documents takes place by means of a bank (art. 1530), price shall be paid by bank, which shall not do reasonable investigation on quality of goods, but only verify the documentation and do relating exceptions. In this case, this rule is not applied when seller knows defects, losses, damages of physical goods and does not inform the bank, but only the seller can claim, not the bank.

For advise on the matter be confident to give me a call at 0039.(0)51.384101, Italian hours.

Sincerely,

Francesco Misuraca

Re: contract of sale seller delivery obligation

Since you have not provided enough facts check with our Uniform Commercial Code- Sales Article 4 which applies in the US. Good luck.