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Lecture Dynamic business law - Chapter 22: Title, risk of loss, and insurable interest

Chapter 22 - Title, risk of loss, and insurable interest. After reading this chapter, you will be able to answer the following questions: What is the concept of title? How does it pass? What is insurable interest? What are the different kinds of sales contracts, and how does each type affect title passing, risk of loss, and insurable interest? | Chapter 22 Title, Risk of Loss, and Insurable Interest Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 22: Title, Risk of Loss, and Insurable Interest 22- Categories of Title Good Title: Acquired from someone who already owns the goods “free and clear” Void Title: Not true title Example: Purchase of stolen goods Voidable Title: Occurs in certain situations in which contract between original parties would be void, but goods have already been sold to third party Categories of title include “good” title, which is acquired from someone who already owns the goods “free and clear;” “void” title, which is not true title (for example, the purchase of stolen goods;) and “voidable” title, which occurs in certain situations where the contract between the original parties would be void, but the goods have already been sold to a third party. 22- UCC Article 2 Rules Regarding Title Acquisition Good Title: Acquired from someone who has rightful ownership Void Title: Results when someone acquires possession of stolen goods Voidable Title results when: Buyer deceived seller regarding his/her identity Buyer wrote bad check Buyer committed criminal fraud in securing goods Buyer and seller agreed title would not transfer until later time Buyer is a minor According to the UCC, “good” title is acquired from someone who has rightful ownership. Void title results when someone acquires possession of stolen goods. Voidable title results when the buyer deceived the seller regarding his or her identity, the buyer wrote a bad check, the buyer committed criminal fraud in securing the goods, the buyer and seller agreed title would not transfer until a later time, or the buyer is a minor. Acquiring Good Title General Rule: If “third party purchaser” makes “good-faith” purchase for value, he/she gets good title (not void/voidable title) 22- Generally, if a . | Chapter 22 Title, Risk of Loss, and Insurable Interest Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 22: Title, Risk of Loss, and Insurable Interest 22- Categories of Title Good Title: Acquired from someone who already owns the goods “free and clear” Void Title: Not true title Example: Purchase of stolen goods Voidable Title: Occurs in certain situations in which contract between original parties would be void, but goods have already been sold to third party Categories of title include “good” title, which is acquired from someone who already owns the goods “free and clear;” “void” title, which is not true title (for example, the purchase of stolen goods;) and “voidable” title, which occurs in certain situations where the contract between the original parties would be void, but the goods have already been sold to a third party. 22- UCC Article 2 Rules .