In respect of goods, there will be an identifiable moment under the Sale of Goods Act 1979 when ownership or title to the goods passes from the seller to the buyer. The importance of determining the exact timing lies not only in risk issues, but also in insolvency cases where the destination of assets to a receiver, receiver or liquidator can leave the other party to the transaction only entitled to receive a dividend as a general creditor. The law states that ownership is transferred when provided, i.e. the traditional or physical transfer required by civil law is not required. Ownership does not pass over unsecured property. If the will of the parties cannot be established, certain rules are established to clarify the matter. Rule 5: This rule does not apply to certain goods, but to goods that have not been identified at the time of the conclusion of the contract. If there is a contract for the sale of goods not identified or future according to the description and the goods of that description and in a condition of delivery become unconditionally fit for the contract, either by the seller with the consent of the buyer or by the buyer with the consent of the seller, the title of the goods is transferred to the buyer; Consent may be given explicitly or implicitly and may be given before or after funds are made available. If the Seller delivers the Goods under a Contract to the Buyer or to a freight forwarder or other depositary or custodian (whether or not designated by the Buyer) for transfer to the Buyer and does not reserve the right to dispose of them, it shall be deemed to have used the Goods unconditionally for the Contract. Mezzanine loan – a loan that is generally secured not by a lien on real estate, but by ownership of a borrower`s stock investments (for example, shares in a company or shares in a limited liability company). A legal hypothec on unregistered land where the mortgagee does not retain title as security, such as a second legal hypothec or a subsequent legal hypothec.
It must be protected by registration. Uniform Commercial Code or « UCC » – a uniform law created by the National Conference of Commissioners on Uniform State Laws (NCCUSL) and adopted in substantially identical form by the fifty United States that governs transactions in property and personal property. A personal object (as opposed to real estate). It should be noted that in some cases, at the moment when the owner loses possession, he also loses his ownership or right to the thing: animals ferae naturae, as mentioned above, belong to the owner only as long as they retain possession. In general, however, the loss of possession does not affect the right of ownership, as the owner can recover it within a certain period of time allowed by law. Mortgage – an agreement that creates security and other rights in land in favour of a lender or other secured party. An interest in a property that lasts only the time of a particular person`s life. It creates an agreement and can only exist as a fair interest.
Subordinate costs – the act of a landlord that grants the tenant`s lender the right to exclude the landlord`s interest in the event of the tenant`s default under his loan agreements, sometimes for a fee. Across the West, public regulation of land use increased dramatically in the 20th century. The best known is zoning, the division of a particular area into districts with restrictions on land use types (e.g., residential, commercial, or industrial use). Comprehensive regulation of building types (e.g. height or density) as well as materials and construction methods (building codes) are also very common. If the public sector cannot achieve its objectives through regulation, it can « expropriate » the land. This happens, for example, when land is purchased from the government for the construction of a highway or from a utility company for the creation of a reservoir. Such expropriation cannot be a voluntary exchange between the parties, but compensation for the value of the property is usually provided. Qualified property consists of the right which humans have over wild animals which they have placed in their possession and which are subject to their power; such as a deer, a buffalo and others, which belong to them as long as they are in possession of them, but as soon as their possession is lost, their property disappears, unless the animals become animus revertendi. Ownership of personal property may be absolute or qualified, unrelated to the nature of the object, but simply because more people than a person has an interest in it, or because ownership is distinct from ownership. A guarantor of the goods, even if he is not the owner of them, is the qualified property of them; while the owner has absolute ownership.
Personal property is then divided into possession and property or chosen in action. That part of English law which derives from the decisions of the Lord Chancellor, and later from the Courts of Chancery, which was created to remedy the situation where the common law was inadequate. It is now a regulated set of legal principles. Lien – a property right granted by the owner of that property to another party (the lien holder) until the owner fulfills a legal obligation to the lien holder, such as: repaying a loan or paying legal fees for work done on the property. A right recognized by the courts of equity, as opposed to a legal interest recognized by the common law courts, such as an interest in a trust. Fiduciary – a third party that stores and delivers funds and documents according to certain instructions. When buying a property, the trustee often acts as the custodian of the serious money or security deposit and ensures that the appropriate funds are paid at closing. In some states, all closing documents are delivered through a trustee who works under detailed instructions. Certificate of estoppel – a declaration from one party to another that contains information that the recipient can rely on. For example, a buyer of a property may require a tenant to provide a thatch certificate to a new owner or that new landlord`s lender, which identifies information about the nature and status of the tenant`s lease, and this thatch certificate is also intended to prevent the tenant from subsequently raising a claim under the lease as a defense.
Facts that the tenant did not affirm in the thatched certificate.
