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THE POWER TO TRANSFER OWNERSHIP

THE POWER TO TRANSFER OWNERSHIP. By Carlo Murillo Pg. 247-250. DO NOW . Austin stole a radio from Bryce’s car. Then he sold it to his friend, who knew it was stolen Did either Austin or his friend receive good title to the radio? Neither Austin or his friend received good title. .

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THE POWER TO TRANSFER OWNERSHIP

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  1. THE POWER TO TRANSFER OWNERSHIP By Carlo Murillo Pg. 247-250

  2. DO NOW • Austin stole a radio from Bryce’s car. Then he sold it to his friend, who knew it was stolen Did either Austin or his friend receive good title to the radio? Neither Austin or his friend received good title.

  3. WHO MAY TRANSFER OWNERSHIP? Authorized Persons. You may sell what you don’t own if the owner lets you do it, Ex. salespeople, auctioneers Buyers in a Sale Induced by Fraud. If you’re induced by fraud to sell the goods. You may cancel the contract and recover the goods unless a third party has already given value and rights in them Third party also known as good faith purchaser

  4. Holders of Negotiable Documents of Title. In business, certain documents used as a substitute for possession of goods, Ex. Warehouses Merchants with Possession of Sold Goods. When you allow the merchant seller to retain the possession of goods after the sale

  5. REQUIREMENTS FOR TRANSFER OF OWNERSHIP? Existing goods. Physically in existence and owned by the seller Identified goods. Subject matter of particular sales contract Unless goods are both existing and identified, they are future goods

  6. WHEN DOES OWNERSHIP TRANSFER? Seller Delivers Goods to their Destination. If contract requires the seller to deliver the goods somewhere else Seller Ships, but does not Deliver Goods to Destination. When contract requires seller to ship the goods but does not obligate seller to deliver them

  7. Seller delivers Document of Title. When parties agree that seller is to deliver document (airbill) title passes when document is delivered Buyer Takes Possession at Place of Sale. Title passes at time and place where sales contract is made

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