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Transfer of property
Risk passes with the property, unlessotherwise agreed by the contacting parties.
After passing of the property the buyer canexercise the proprietary rights.
The seller is entitled to recover the price of goods only after the property in goods ispassed to the buyer.
In case of insolvency of any of the parties,the ownership of goods is the key issue andnot the possession of goods.
Rules for passing of property.
Goods must be ascertained. Sec.18
Intention of parties :- Sec.19(1). ‘Where there is acontract for the sale of specific or ascertainedgoods, the property in them passes to the buyer atthe time when the parties intend it to pass.’
For the purpose of ascertain intentions of partiesthe terms of contract and the circumstances of thecase are considered.
Where intentions can not be ascertained Secs 20 to24 apply.
Specific goods secs.20 to 22
Passing of property at the time of contract:-Wherethere is an unconditional contract for the sale of specific goods in a deliverable state, the property ingoods passes to the buyer when the contract is made,and it is immaterial whether the time of payment of theprice or time of delivery of goods, or both, ispostponed.
Where the goods are not in a deliverable state, theproperty does not pass until the seller puts them in todeliverable state.
Where the price of goods is to be ascertained byweighing, etc. the property does not pass until suchthing is done.
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Transfer of Property
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| Category: | Uncategorized. |
| Rating: | (3 Ratings) |
| Upload Date: | 02/25/2009 |
| Copyright: | Attribution Non-commercial |
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