Search results
Results From The WOW.Com Content Network
Bailment is distinguished from a contract of sale or a gift of property, as it only involves the transfer of possession and not its ownership.To create a bailment, the bailee must both intend to possess, and actually physically possess, the bailable chattel for example a car mechanic business when a car has been dropped off for repair.
A pledge is a bailment that conveys title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties. [1] [2] The term is also used to denote the property which constitutes the security. [3] The pledge is a type of security interest.
For example, the library continues to own the book while you possess it and will have the right to possess it again when your right comes to an end. A common transaction involving bailment is a conditional sale or hire-purchase, in which the seller lets the buyer have possession of the thing before it is paid for.
Maryland allows individual counties to set required storage times. Colorado allows immediate disposal (but not sale), while Georgia and Texas allow it to be immediately placed outside and claimed by anyone, and Arkansas allows the landlord to immediately claim the property for themselves to do as they wish.
When the conditions on the sale contract have been met, legal title passes to the buyer in what is known as closing. In England and Wales , the terms "purchaser" and "vendor" are used. [ 1 ] Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality.
Partition by sale constitutes a forced sale of the land, followed by division of the profits thus realized among the tenants. Generally, the court is supposed to order a partition sale only if the land cannot be physically divided, although this determination often rests on whether the economic value of the divided pieces is less in the ...
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
A common act of conversion in medieval times involved bolts of cloth that were bailed for safekeeping, which the bailee or a third party took and made clothes for their own use or for sale. Many questions concerning joint ownership in enterprises such as a partnership belong in equity, and do not rise to the level of a conversion. Traditionally ...