Chapter 21 Notes - Chapter 21- Uniform Commercial Code-...

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I. Identification - how do I particularize the goods, how describe them, how identify them a. Before any interest can pass, goods must be: i. ii. Identified (designated as the specific goods under contract) b. Existing Goods- if contract calls for the sale or lease of specific & ascertained goods that are already in existence, identification takes places at the time the contract is made c. Future Goods- i. Unborn animals 1. Can be identified when they are conceived depending on the gestation period which is usually less than 12 months ii. Crops 1. When plants the crops if going to be harvested in 12 months identification takes place when the crops are planted iii. Other 1. Maybe not manufactured yet 2. When undistinguishable goods a. b. Or when separated – interest can pass d. Goods that are part of a larger mass must be: i. Marked, shipped or separated, unless they are ii. Fungible- goods that are alike naturally, by agreement, or by trade usage 1. The way they are stored they are going to be mixed together 2. Can’t decide which are which 3. get a contract for a percentage of the whole 4. example in book on pg 422 II. Title- greatest interest you have in something ; paramount interest
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a. One where you the interest to do what you want- ex) sell, resell, give to someone else b. Easiest when delivery c. Delivery is you deliverer possession to me d. Passes upon physical delivery (not shipment) of goods e. If goods are being shipped: i. In a shipment contract; 1. 2.
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Chapter 21 Notes - Chapter 21- Uniform Commercial Code-...

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