82,891
edits
Bailment: Difference between revisions
no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 4: | Line 4: | ||
To be compared with a trust relationship, where the person holding the item has legal title to it, but not possession. | To be compared with a trust relationship, where the person holding the item has legal title to it, but not possession. | ||
===[[Registration of charges]]=== | |||
The possessory nature of [[bailment]]s — [[pledge]]s, [[lien]]s, that kind of thing — means they are not as susceptible to the sort of [[bailor]] jiggery-pokery that necessitates a centralised [[register of charges]] for security interests granted over assets to which the [[bailor]] retains possession. Since the [[bailor]] has ''given'' the [[bailee]] the asset in question, it is hard thereafter for the bailor to give the asset to someone else — [[nemo dat quod non habet]] — nor to create a non-possessory [[security interest]] in it in favour of someone else that isn’t obviously trumped by the bailee’s common law claim. By contrast, where the [[bailor]] has possession of the asset (as it does in a conventional [[Floater|floating]] or [[fixed charge]]) then ''the rest of the world needs formal notice of that security interest to avoid subsequent disappointment''. hence, a register of charges. | |||
Thus, “[[pledge]]” style arrangements — even if nominally called “[[charge|charges]]” — ''ought'' to be out of scope for registration, though you should of course check local regulations which may say something different. But this is the underlying ethos of the EU [[collateral directive]]. | |||
===[[Cash]] and [[bitcoin]]=== | ===[[Cash]] and [[bitcoin]]=== | ||
Can you have a [[bailment]] over [[cash]]? The [[Jolly Contrarian]] has heard it said — by persons of good repute — that one can, but he struggles with that idea. If I deliver you cash, even by way of [[surety]], it is in the nature of [[cash]] that you take title to it absolutely. Any third person to whom you give it takes title to it absolutely without need to enquire as to competing interests. If [[cash]] didn’t have this quality, it would be less valuable as ''[[cash]]''. | Can you have a [[bailment]] over [[cash]]? The [[Jolly Contrarian]] has heard it said — by persons of good repute — that one can, but he struggles with that idea. If I deliver you cash, even by way of [[surety]], it is in the nature of [[cash]] that you take title to it absolutely. Any third person to whom you give it takes title to it absolutely without need to enquire as to competing interests. If [[cash]] didn’t have this quality, it would be less valuable as ''[[cash]]''. | ||
| Line 10: | Line 16: | ||
{{sa}} | {{sa}} | ||
*[[Registration of charges]] | |||
*[[Pledge]] | *[[Pledge]] | ||
*[[Charge]] | *[[Charge]] | ||