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Title transfer: Difference between revisions
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{{a|glossary|}}Sometimes called [[outright transfer]], [[title transfer]] is when one merchant sells (or gives) something outright to another, the first thereby abandoning all its claim, interest and colour of right whatsoever to that thing. To be contrasted with a [[pledge]] or an [[assignment by way of security]]. | {{a|glossary|}}Sometimes called [[outright transfer]], [[title transfer]] is when one merchant sells (or gives) something outright to another, the first thereby abandoning all its claim, interest and colour of right whatsoever to that thing. To be contrasted with a [[pledge]] or an [[assignment by way of security]]. | ||
Outright title transfer is a special, delicate thing — it has accounting, risk transfer, tax and legal implications that are quite different to giving mere possession over an asset by way of surety | Outright title transfer is a special, delicate thing — it has accounting, risk transfer, tax and legal implications that are quite different to giving mere possession over an asset by way of surety with a contingent right to repossess the very same asset back once the debt is discharged. | ||
With title transfer, once you part with an asset, it is gone for ever: your expectation is to the redelivery of one ''just like it,'' | |||
These differences may make little practical sense to the person on the Clapham omnibus, who just wants to know a debt is collateralised, but the distinctions forge long, lucrative careers for those in accounting and legal professions, and the JC would be lying if he did not allow that some of his long, inglorious career, had been devoted to getting this rather tendentious distinction right, and being righteously indignant when his colleagues in operations and collateral management seem dispositionally unable to. | |||
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