Synopsis
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 Excerpt: ...the vendor's lien, is of world-wide application; as is also the right, most important in overseas business, of stoppage in transit or something closely analogous to it. Even though title has passed, if the buyer becomes insolvent while the goods are still in transit--that is, while they are still in the hands of a carrier or forwarding agent before they have come into the possession of the buyer--the seller may resume possession of them. This right is made effective by giving notice to the carrier or other person in whose hands they are. The right of stoppage cannot, however, be exercised to the prejudice of third parties to whom the bill of lading or other document of title to the goods has been lawfully transferred for value. It will be recalled that in some countries the invoice serves as a document of title--so that, if the goods have been sold on the faith of the invoice, the right of stoppage cannot be exercised. This is the law in France and countries that have followed the French code. In case of the buyer's bankruptcy, some countries give the seller, especially if the goods were obtained by fraud, a right to reclaim the goods, thus in effect giving him a preference over the other creditors. By a conditional sale, the seller retains title to the property in order to secure payment of the purchase price or Conditional Sales installments. Many so-called "leases" are really conditional sales. Such sales are comparatively rare in direct overseas trade, but there is no reason why the practise should not be greatly extended to the benefit of American commerce, especially where the exporter has agencies or branches abroad. In order that full security may be had, familiarity with the laws of the country where the buyer lives is necessary. In this ...
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