Kentucky Contract for the International Sale of Goods with Purchase Money Security Interest

• Category: Contracts - Buy Sell - Agreements
• State: Multi-State
• Control #: US-04415BG
• Format: Word; Rich Text

Description

The CISG governs international sales contracts if (1) both parties are located in Contracting States, or (2) private international law leads to the application of the law of a Contracting State (although, as permitted by the CISG (article 95), several Contracting States have declared that they are not bound by the latter ground). The autonomy of the parties to international sales contracts is a fundamental theme of the Convention: the parties can, by agreement, derogate from virtually any CISG rule, or can exclude the applicability of the CISG entirely in favor of other law. When the Convention applies, it does not govern every issue that can arise from an international sales contract: for example, issues concerning the validity of the contract or the effect of the contract on the property in (ownership of) the goods sold are, as expressly provided in the CISG, beyond the scope of the Convention, and are left to the law applicable by virtue of the rules of private international law (Article 4). Questions concerning matters governed by the Convention but that are not expressly addressed therein are to be settled in conformity with the general principles of the CISG or, in the absence of such principles, by reference to the law applicable under the rules of private international law.

The Kentucky Contract for the International Sale of Goods with Purchase Money Security Interest refers to a legal agreement that governs the sale of goods between parties where the buyer is financed through a purchase money loan or credit secured by the purchased goods. This contract is a hybrid of the United Nations Convention on Contracts for the International Sale of Goods (CSG) and the Uniform Commercial Code (UCC), and is designed to facilitate international transactions while providing security to the lender. Under this contract, the seller agrees to sell and deliver certain goods to the buyer, who simultaneously obtains a loan or credit from a lender to finance the purchase. The lender's interest in the goods is granted as a purchase money security interest (PSI), which means that the lender has a priority claim on the goods if the buyer defaults on their loan payments. Keywords: Kentucky, Contract for the International Sale of Goods, Purchase Money Security Interest, international transactions, buyer, seller, goods, loan, credit, lender, purchase money loan, security interest, United Nations Convention on Contracts for the International Sale of Goods, CSG, Uniform Commercial Code, UCC, PSI, default. Different types of Kentucky Contracts for the International Sale of Goods with Purchase Money Security Interest may include variations based on the type of goods involved or the scope of the transaction. Some examples could be: 1. Kentucky Contract for the International Sale of Goods with Purchase Money Security Interest for Machinery and Equipment: This type of contract may specifically pertain to the sale and financing of industrial machinery, equipment, or similar capital assets. 2. Kentucky Contract for the International Sale of Goods with Purchase Money Security Interest for Automobiles: This contract focuses on the purchase and financing of vehicles, including cars, trucks, motorcycles, or any other motorized vehicles. 3. Kentucky Contract for the International Sale of Goods with Purchase Money Security Interest for Consumer Goods: This type of contract covers the sale and financing of various consumer goods, such as electronics, furniture, appliances, or any other products intended for personal or household use. It's important to note that the exact terminology or specific types of Kentucky Contracts for the International Sale of Goods with Purchase Money Security Interest may vary, depending on the legal framework and specific regulations applicable in the state of Kentucky.