Consignments Flashcards
1
Q
Definition of Consignment
A
Consignor has ownership of goods but gives possession of goods to consignee for the purpose of allowing the consignee to sell the goods
RULES APPLY TO A REGULAR STORE SELLING INVENTORY THAT IT DID NOT BUY, BUT IS SELLING FOR SOMEONE ELSE
2
Q
Article 9 Treatment of Consignments
A
Consignor is the secured party
Consignor MUST perfect its SI in the consigned inventory
Apply rules applicable to PMSI in inventory
