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.