BU231 Chapter Notes - Chapter 15-2: Bailment, Highwayman, Canadian Transportation Agency
Document Summary
Until the time of sale, the owner is still the bailor and upon presentation of the amount of money owed, they can get their property back. Proceeds of sale : compensate the bailee for the cost of storing/keeping the property, pay the overdue charges to the bailee, surplus amount goes to the bailor. Fungible goods: goods that may be replaced with different but identical goods (grain of the same grade etc. ) otherwise the bailee must return the exact same goods to the bailor. In canada, you can obtain a right of lien through contract or statute. Statutory right to lien is limited to people who are professional storers (ex. Maintenance, repairs, or servicing to personal property. Failure to do the above can: result in breach of contract (with normal remedies) on the bailee"s part, may entitle the bailor to not pay for the services already done, and can possibly sue for damages.
