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Transfer of Movable Property under U.S. Law

Discussed from a Functional Perspective

Series:

Martin Lilja

This book discusses legal rules for three functional commercial conflict situations under the laws of the U.S.A., mainly analyzing the U.C.C., the Bankruptcy Code, Common Law and Equity. In this context, the term conflict situation is meant to address a certain type of conflict arising between certain parties – e.g. buyer, seller, creditors of buyer or seller, or other types of third parties, like former title-holders to the goods – having certain colliding interests in the same property. The three conflict situations addressed in this book are the protection of a buyer in the seller’s insolvency, the protection of a seller in the buyer’s insolvency, and the conflict between a person formerly entitled to the goods and a good faith acquirer.
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I. Introduction

Extract

This book discusses legal rules for three "functional" commercial "conflict situations" under the laws of the U.S.A. The term “conflict situation”, here, is meant to address a certain type of conflict arising between certain parties (e.g., buyer, seller, creditors of buyer or seller, or other types of third parties, like former title-holders to the goods) having certain colliding interests in the same property. The three conflict situations addressed in this book are (1) the protection of a buyer in the seller's insolvency; (2) the protection of a seller in the buyer's insolvency; and (3) the conflict between a person formerly entitled to the goods (the original owner) and a good faith acquirer buying these goods from a non-owner who has no right to dispose of the goods. The aim is to clarify the rules comprehensively and rather exhaustively.

This requires a couple of clarifications.

A first, brief, clarification relates to the types of assets the transfer of which is covered by this study. The discussion of the three conflict situations listed above is limited to the law of corporeal movable property (“goods”). Excluded from the discussion, therefore, are all movable assets which are not corporeal, such as receivables and intellectual property rights, and different types of rights to use property under lease contracts, as well as all law related to immovable property, with reference to real property, such as land, including not only the earth but everything of a permanent nature over or under it.

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