Uniform Vendor and Purchaser Risk Act Law and Legal Definition
Uniform Vendor and Purchaser Risk Act (UVPRA) was drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 1935. According to this act innocent losses occurring during the contract period are allocated to the vendor, unless the purchaser has taken possession prior to closing. The UVPRA negates the doctrine of Equitable Conversion as it relates to the risk associated with loss. The risk of loss is on the person in possession because that person is in the best position to take care of the property. Generally, the provisions of the UVPRA can be modified or avoided in the Land Sale Contract. A growing minority of States like California, Hawaii, Michigan and Nevada have adopted the Uniform Vendor and Purchaser Risk Act (UVPRA) in one form or another.
Legal Definition list
- Uniform Unincorporated Nonprofit Association Act
- Uniform Unclaimed Property Act
- Uniform Trust Code
- Uniform Transfers to Minors Act
- Uniform Transfer on Death Security Registration Act
- Uniform Vendor and Purchaser Risk Act
- Uniform Victims of Crime Act
- Uniform Wage Withholding and Unemployment Procedure Act
- Uniformed Services
- Uniformed Services Employment and Reemployment Rights Act
- Uniformity Clause
Related Legal Terms
- 21st Century Nanotechnology Research and Development Act of 2003
- 3-A Sanitary Standards and Accepted Practice
- 3-Way Incandescent Lamp
- 30-Year Contract [Agriculture]
- 480th Intelligence, Surveillance and Reconnaissance Wing
- 707b Action
- 70th Intelligence, Surveillance and Reconnaissance Wing
- 9/11 Commission Act
- Abactor
- Abandon
