transfer of ownership. transfer all rights to the property from seller to buyer transfer of...
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TRANSFEROF
OWNERSHIP
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TRANSFER ALL RIGHTS TO THE PROPERTY FROM SELLER TO BUYER
TRANSFER OF OWNERSHIP DIFFERENT FROM TRANSFER OF POSSESION
TRANSFER OF POSSESION NEED NOT NECESSARILY MEAN A TRANSFER OF OWNERSHIP
meaning
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ONLY OWNER HAS RIGHT OF
ANY PROCEEDING AGAINST THIRD
PARTY.
ACTION AGAINST THIRD PARTIES
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AFTER OWNERSHIP, RISK ALSO TRANSFER TO THE BUYER
RULE APPLIED “RISK PRIMA FACIE’’ MEANS RISK FOLLOW OWNERSHIP WHETHER POSSESSION HAS TRANSFER OR NOT
IN CASE OF SELLER INSOLVENCY AFTER SALE BUT BEFORE DELIVERY OF GOODS, NOT RIGHT TO RETAIN TO SELLER
RISK FOLLOWS OWNERSHIP
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( CASE STUDY REGARDING 30 TONS OF APPLE JUICE CONTANIRE’S DELAYED
DELIVERY )
IF THE DELIVERY HAS BEEN DELAYED
THROUGH FAULT , THEN RISK IS ON FAULTY
PARTY
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INSOLVENCY&
SUIT FOR PRICE INSOLVENCY MAY
BE OF SELLER OR BUYER.
TO KNOW OFFICIAL RECIEVER OF GOODS.
INSOLVENCY DEPENDS ON OWNERSHIP OF GOODS.
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RULES FOR PASSING PROPERTY
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SECTION 18
WHERE THERE IS A CONTRACT FOR SALE OF UNASCERTAINED GOODS, NO PROPERTY IN THE GOODS IS TRANSFERRED TO THE BUYER UNLESS & UNTILL THE GOODS ARE ASCERTAIINED
GOODS MUST BE ASCERTAINED
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CASE STUDYAPPLEBY V/S MYERS
CASE REGARDING SELLING OF DAMAGED MACHINERY
INTENTION OF THE PARTIES
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TRANSFER OF OWNERSHIPOR
PASSING OF PROPERTY
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IN CASE OF CONTRACT, TRNSFER OF OWNERSHIP DEPENDS ON AGREEMENT IN WHICH PARTIES AGREED THAT WHEN TRANSFER TAKE PLACE.
IN ABSENCE OF AGREEMENT, TRANSFER OF OWNERSHIP WILL DEEMED TO BE AFFECTED IN A SALE CONTRACT.
TRANSFER OF OWNERSHIP DEPENDS ON TYPES OF GOODS
A.TIME WHEN THE PROPERTY CHANGES
HANDS
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1.PASSING OF PROPERTY IN ASCERTAINED GOODS
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DELIVERABLE STATE IS THAT STATE THAT BUYER WOULD UNDER THE CONTRACT BE BOUND TO TAKE DELIVERY OF GOODS.
PROPERTY IS TREATED AS TRANSFERRED TO THE BUYER WHEN CONTRACT IS MADE.
EVEN DELIVERY AND PRICE IS POSTPONED AT THAT TIME.
1. PASSING OF PROPERTY AT THE TIME
OF CONTRACT
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PASSING OF PROPERTY DELAYED BEYOND THE
DATE OF THE CONTRACT
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SELLER DO SOMETHING TO MAKE IN DELIVERABLE STATE
GOODS NOT IN DELIVERABLE STATE
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BEFORE ASCERTAINING PRICE RISK IS ON THE SELLER
PRICE ASCERTAINED BY WEIGHTING