Transfer of title

First Example of estoppel

transfer of money or commercial paper made out to the "bearer." When cash or check payable to "bearer" is given to a third party, the original owner cannot demand the return of the money from a 3rd party to whom it was given in exchange for something of value.

Lost and stolen goods

when a person possesses an item, ownership is presumed, but it is possible to have possession of goods without having title. Just as it is possible to have title without having possession.

Condition subsequent

when a sales contract provides that specific conditions must be met after title is passed to "revert" or transfer back title to seller if buyer is not satisfied after making purchase.

estoppel is a legal bar to the use of contradictory words or acts in asserting a claim against another.

...

How a title passes

1) bill of sale. 2) bill of lading.

Two kinds of warehouse receipts

1) non negotiable. 2) negotiable.

For title to pass by estoppel, the purchaser must prove the following

1- the purchase was made in good faith. The buyer believed the seller to be the true owner or one appointed to act for the real owner. 2- the purchase was made from the one in rightful possession. 3- value was given by the ownership under the principle of estoppel.

What is just as effective as a bill of sale?

A handwritten note is just as effective. The description of the goods should be as complete as possible.

True owner

A person who finds an article has good title against anyone except the true owner. Anyone who buys an article from someone who has found it must be prepared to surrender the article to the true owner.

Bill of lading

A receipt for goods that is signed by a carrier, and serves as a contract, acknowledging that such goods have been received, and indicating agreement that the goods will be transported to the destination specified.

In order to recoup ones lost property, one has to prove the ownership over that property.

A thief has no rights to goods he/she has stolen and therefore can never pass title to anyone else.

Order bill of lading

In addition to being a receipt, is negotiable, that is, the order bill of lading is proof of title, and can be used to transfer title from one person to another.

title, as it relates to property is...?

Intangible

When title passes

The title to goods passes when the parties intend for it to pass. In the event that the intent of the parties is not clear, title passes at the moment when they unconditionally agree to sell specific goods that are in a deliverable state.

when one sells something, one sells not only the purpose, but also the intangible right of ownership called?

Title

Condition precedent

When a contract provides that specific conditions must be met before title passes.

Third example of estoppel

Transfer of proof of ownership to an unauthorized seller. If the owner of goods entrusts proof of ownership to someone in possession of the goods. The goods cannot be recovered by the true owner from an innocent purchaser.

Second example of estoppel

Transfer of property to a seller dealing in the same type of goods. When the owner of goods entrusts property to a person who sells the same type of goods, and that person sells the property to an innocent 3rd party, the owner is estopped from recovering the goods from the 3rd party.

Two kinds of Bill of lading

a) The most common is straight bill of landing, which is simply a receipt, but is not negotiable. b) title passes to the buyer at the time and place of shipment.

Personal property

all property other than real property, such as cars, clothing... (Tangible) or patents, copyrights...(intangible)

sales person, known as remote party.

has the right to make a legit sales as a representative to the owner. Agents, acting on behalf on their principles, can pass title even thought they are not title holders.

Title passes when the order of bill lading is delivered to carrier.

carrier will not deliver goods until receiver surrenders original copy of the order bill of lading.

Two types of conditional sales

conditions precedent, and conditions subsequent

the only way to determine who bears the loss in a business transaction is.

determination of who is the title holder at the time of loss.

Fungible goods

goods sold by weight or measure. title passes when goods become clearly identifiable. When a buyer orders a specific quantity from a specific mass, the buyer acquires immediate title.

Non negotiable warehouse receipt

is like a straight bill of lading. It is simply a receipt for the goods to be stored.

Warehouse recipt

is much like a bill of lading, except that the goods involve are not being transported, but merely stored.

Transfer of title by estoppel

it is possible for the title to goods to be passed by a non-owner, who does not have title. Title is passed by estoppel

Ownership when loss occurs

legal disputes often involve the determination of who holds title when a loss occurs.

Conditional sales

one with contract provisions that specify conditioner that must be met by one of the parties.

Negotiable warehouse receipt

requires that the original copy be presented to the warehouse before the goods will be surrendered to someone claiming them.

Bill of sale

simply, a written statement that the seller is passing ownership to the buyer. Need not be an elaborate legal document.

Wrongful possession

situations of wrongful possession occur when property, such as stolen goods, is transferred without permission of the owner. The titleholder, or rightful owner, of stolen goods is never estopped.

Real property

sometimes referred to as real estate, is land and all articles permanently attached to is, such as bldg and trees.