Professional Documents
Culture Documents
SPECIFIC INSTANCES
Unlawfully Deprived/Pledge-RECOVERY-YES
REIMBURSEMENT-NO
PUBLIC SALE- RECOVERY-YES
REIMBURSEMENT-YES
MERCHANTS STORE- RECOVERY-NO
REIMBURSEMENT-NOT ALLOWED
Documents of Title (15071520)
Nature and functions
1. Receipt of goods
2. Evidenceof transfer of title/ possession of goods
Most common forms- bill of lading, dock warrant, warehouse receipt, quedan, letter of credit
**WHOEVER IS IN THE BILL OF LADING IS THE OWNER OF THE GOODS
Classes of Documents of Title
(1) Negotiable Documents of Title
e.g. Deliver to B or order
Deliver to B or bearer
(1) Non-Negotiable Documents of Title Deliver to B
Negotiable Instrument -"Pay" to B or order
How transterred?
1. If Negotiable BY Negotiation
Order Indorsement plus delivery
Bearer-mere delivery
2. If Non-negotiable – Assignment
1508- Bearer(negotiated by delivery)
1509-Order (negotiated by indorsement + delivery)
1510-Negotiable marked "non-negotiable"
1511-Non-negotiable (by assignment)
1512-Persons who may negotiate (0wner/ Agent
1513-Rights of the person to whom document has been negotiated (3)
1514-Rights of the person to whom document has been transferred (3)
1515-Transferof order document without indorsement
1519- Attachment or levy upon goods covered by negotiable document (unless surrendered /enjoined)
1. Agreement/ Stipulation
2. 2. If none, Usage of trade
3. 3. If none, seller's place of business
4. 4. If none, seller's residence
In case of specific goods, in the absence of agreement or usage of trade to the contrary- when the contract or the sale
was made were in Some place
Delivery of Goods (1522) Less than, More than, Mixed 1493 v.1522
COD - buyer
CIF seller
Sale is Reciprocal
See 1198