(b) When a bill of exchange or other negotiable instrument has been received as conditional payment, and the condition on which it was received has been broken by reason of the dishonor of the instrument, the insolvency of the buyer, or otherwise.
(2) In this part of this act the term "seller" includes an agent of the seller to whom the bill of lading has been indorsed, or a consigner or agent who has himself paid, or is directly responsible for, the price, or any other person who is in the position of a seller.
Section 53. (Remedies of an Unpaid Seller.) (1) Subject to the provisions of this act, notwithstanding that the property in the goods may have passed to the buyer, the unpaid seller of the goods, as such, has (a) A lien on the goods or right to retain them for the price while he is in possession of them;
(b) In case of the insolvency of the buyer, a right of stopping the goods in transitu after he has parted with the possession of them;
(c) A right of resale as limited by this act;
(d) A right to rescind the sale as limited by this act.
(2) Where the property in goods has not passed to the buyer, the unpaid seller has, in addition to his other remedies, a right of withholding delivery similar to and coextensive with his rights of lien and stoppage "in transitu" where the property has passed to the buyer.