BALW20150 Chapter 21: Title, Risk and Insurable Interest
17 Apr 2017
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In most situations, ucc has replaced concept of title with 3 other concepts: identification, risk of loss, and insurable interest. Existing goods identification takes place at time contract is made. Goods that are part of a larger mass identified when the goods are marked, shipped, or somehow designated by the seller or lessor as the particular goods to pass under the contract. Exception: fungible goods goods that are alike naturally, by agreement, or by trade usage: seller-owner can pass title and risk of loss to the buyer without actually separating the goods. When title passes: without an explicit agreement to the contrary, title passes to the buyer at the time and the place the seller performs by delivering the goods. Certificate of origin title had passed b/c had given up ownership by delivering car: unless otherwise agreed, delivery agreements can determine when title passes.
