BUS-294 Lecture Notes - Lecture 30: Insurable Interest, Security Interest, Bona Fide Purchaser
23 Sep 2020
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What happens when two parties claim ownership of the same goods: bradley is a cattle farmer. Joe comes and tells bradley he will come back tomorrow with is trailer to get the cows he comes back with the check, takes the cows, and sells them to mary . Bradley cashes the check and it"s no good ucc says that mary (innocent buyer) now owns the cows because bradley took the risk of selling in the first place. An interest is a legal right to something. Title to goods means the normal right of ownership. Voidable title is a limited right in goods inferior to those of the owner. The neighbor get the bike back because it had been stolen. A person with voidable titile has the power to transfer the goods to a bona fide purchaser for value. To be a bona fide purchaser, the purchaser must have given value for the goods and acted in good faith.
