Where the buyer wrongfully rejects or revokes acceptance of goods or fails to make a payment due on or before delivery or repudiates with respect to a part or the whole, then with respect to any goods directly affected and, if the breach is of the whole contract (section 4-2-612), then also with respect to the whole undelivered balance, the aggrieved seller may:
(a) Withhold delivery of such goods;
(b) Stop delivery by any bailee as hereafter provided (section 4-2-705);
(c) Proceed under section 4-2-704 respecting goods still unidentified to the contract;
(d) Resell and recover damages as hereafter provided (section 4-2-706);
(e) Recover damages for nonacceptance (section 4-2-708) or in a proper case the price (section 4-2-709);
(f) Cancel.
Source: L. 65: p. 1335, § 1. C.R.S. 1963: § 155-2-703.
ANNOTATION
Law reviews. For article, "Mechanics' Liens Relative to Oil and Gas Operations — Part II", see 34 Dicta 373 (1957).
Paragraph (f) as a "remedy" of the seller is unrealistic in the face of the filing of the petition for bankruptcy within four months thereafter. The "cancellation" by retaking the goods could not be effective because whatever the action is called, it was still a "transfer" within the meaning of the bankruptcy act "for or on account of an antecedent debt" within four months of the filing of the bankruptcy petition, therefore a preferential transfer. In re Colacci's of Am., Inc., 490 F.2d 1118 (10th Cir. 1974).
Applied in Stone v. Caroselli, 653 P.2d 754 (Colo. App. 1982).