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Unformatted text preview: CHAPTER SUMMARY Transfer of Title Identification designation of specific goods as goods to which the contract of sale refers • Insurable Interest buyer obtains an insurable interest and specific remedies in the goods by the identification of existing goods as goods to which the contract of sale refers • Security Interest an interest in personal property or fixtures that ensures payment or performance of an obligation Passage of Title title passes when the parties intend it to pass; when the parties do not specifically agree, the Code provides rules to determine when title passes • Physical Movement of the Goods when delivery is to be made by moving the goods, title passes at the time and place where the seller completes his performance with reference to delivery • No Movement of the Goods Power to Transfer Title the purchaser of goods obtains such title as her transferor either has or had the power to transfer; however, to encourage and make secure good faith acquisitions of goods, it is necessary to protect certain third parties under certain circumstances Mann CH 23- 1 •...
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