QST LA 245 Lecture Notes - Lecture 8: Insurable Interest, Fide, Security Interest
17 Aug 2018
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The code must sometimes determine the rightful owner when more than one person claims to own something. Existence and identification: goods must be identified to the contract before title can pass, the parties may agree in their contract how and when they will identify the goods. Passing of title: title may pass in any manner on which the parties agree (3 possibilities): When the goods are being moved, so title passes when seller completes its last contractually required step. When the goods are not being moved and a contract calls for delivery of ownership documents, so title passes when the seller delivers these documents to the buyer. When the goods are not being moved and the contract does not call for delivery of ownership documents, so title passes when the contract is formed. Kennedy"s went to buy a mustang at dealership. Financing wasn"t complete but they let them take the car home.
