400.2A-308. Special rights of creditors. - Missouri Statutes

Special rights of creditors.

400.2A-308. (1) A creditor of a lessor in possession ofgoods subject to a lease contract may treat the lease contract asvoid if as against the creditor retention of possession by thelessor is fraudulent under any statute or rule of law, butretention of possession in good faith and current course of tradeby the lessor for a commercially reasonable time after the leasecontract becomes enforceable is not fraudulent.

(2) Nothing in this Article impairs the rights of creditorsof a lessor if the lease contract (a) becomes enforceable, not incurrent course of trade but in satisfaction of or as security fora pre-existing claim for money, security, or the like, and (b) ismade under circumstances which under any statute or rule of lawapart from this Article would constitute the transaction afraudulent transfer or voidable preference.

(3) A creditor of a seller may treat a sale or anidentification of goods to a contract for sale as void if asagainst the creditor retention of possession by the seller isfraudulent under any statute or rule of law, but retention ofpossession of the goods pursuant to a lease contract entered intoby the seller as lessee and the buyer as lessor in connectionwith the sale or identification of the goods is not fraudulent ifthe buyer bought for value and in good faith.

(L. 1992 S.B. 448)