Title: Definitions, Forms, Negotiation, & Rights Flashcards Preview

REG > Title: Definitions, Forms, Negotiation, & Rights > Flashcards

Flashcards in Title: Definitions, Forms, Negotiation, & Rights Deck (7)
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1

Document of Title

Definition: any document, in regular course of business, proves that a person has title to and is entitled to goods

2

Document of Title
Types

Bill of Lading
Warehouse reciept

3

Document of Title
Parties

Issuer
Delivery Order
Consignor
Consignee

4

Document of Title
Creation

- must have words of negotiability
- if not, parties have only contractual rights
- Warehouse receipt: need location, date of issuance, order or bearer, rates, description, any liens, signature of warehousman, and statement warehouseman is owner
- BOL: writing and adequately describe goods

5

Document of Title
Duty of Care

Common carriers have absolute or strict liability unless:
- Act of God
- Act of public enemy
- Act of public authority
- Act of shipper (bad packing)
- Nature of goods

6

Document of Title
Transfer

- must have title

7

Document of Title
Other

- stolen & fraudulently signed documents of title cannot be negotiated
- carrier may deliver to consignee named on the BOL or any party designated by holder of BOL
- negotiated by delivery alone without endorsement
- "Duly Negotiated": A holder who takes the document for value, in good faith, and without notice of any defense or claim to it.
- A carrier who, without court order, delivers goods to a party claiming the goods under a missing negotiable bill of lading is liable to any person injured by the misdelivery

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