The Passing of Property

Abstract This chapter deals with the passing of property between seller and buyer. It notes that this turns upon the intention of the parties, unless the goods are unascertained. Specific goods (identified no later than the date of the contract) are subject to particular presumptive rules. More significant are the rules dealing with unascertained goods. These must first be ascertained if the property is to pass, subject to the exception permitting a property interest less than full ownership of the goods, by way of co-tenancy in an identified bulk. Reservation of title issues are discussed as this is accomplished through controlling the bill of lading or by inserting an express clause to that effect in the contract. The various (usually failing) attempts to extend a reserving seller’s rights to the monetary and material proceeds of the goods supplied also come in for consideration.