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Transfer of Ownership and Risk of Loss in Goods Sales

This chapter explores the transfer of ownership and risk of loss in goods sales, including who may transfer ownership, the requirements for transfer, when ownership and risk of loss transfer, and the procedure for bulk transfers of goods.

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Transfer of Ownership and Risk of Loss in Goods Sales

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  1. Chapter 17 Transfer of Ownership and Risk of Loss

  2. Who May Transfer the Ownership of Goods? • Persons Authorized to Do So May Transfer Another’s Title • Fraudulent Buyers May Transfer Better Title Than They Have • Holders of Negotiable Documents of Title May Transfer Better Title Than They Have • Merchants Who Keep Possession of Goods They Have Sold

  3. What is Required for Transfer of Ownership? • Existing goods - physically in existence even though they may not be in a fully assembled and immediately deliverable condition • Identified goods - have been specifically designated as the subject matter of a particular sales contract • Future goods - goods that are not both existing and identified • Fungible goods - goods that are homogeneous in nature

  4. When Does Ownership Transfer? • If the Seller Is to Deliver the Goods to Their Destination • If the Seller Is to Ship, But Not Deliver, the Goods to Their Destination • If the Seller Is to Deliver a Document of Title • If the Buyer Is to Take Possession of the Goods at the Place of Sale

  5. When Does Risk of Loss Transfer? • If the Seller Ships the Goods by Carrier • FOB - free on board • If the Goods Are held by a Bailee • Bailee - has temporary possession of goods • If Either party Breaches After the Goods Are Identified • If the Goods Are Neither to Be Shipped by Carrier Nor Be Held by a Bailee

  6. When Do Insurable Property Interests Transfer? • Cash-and-Carry Sales • Sales on Credit • COD Sales • Sale or Return • Sale on Approval • Sale of an Undivided Interest • Auctions

  7. What Procedure Must Be Followed in a Bulk Transfer of Goods? • Bulk Transfer - the transfer, generally by sale, of all or a major part of the goods of a business in one unit at one time

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