title retention

title retention
the holding of title by a seller after possession has been given to the buyer. In the law of sale, property on goods and chattels passes on delivery and, in the absence of specific terms in the contract to the contrary, does so even where the purchase price has not been paid or has not been paid in full. Title retention is intended to secure the vendor's position (especially against the possibility of the purchaser's creating mortgages or charges over the goods that would take priority over the rights of the unpaid vendor) by postponing the moment when property passes to the purchaser until such time as the purchaser's outstanding debt to the vendor has been paid off. In modern law there are two principal title retention techniques: hire-purchase and conditional sale (conditional sale agreement), and Romalpa clauses.

Collins dictionary of law. . 2001.

Look at other dictionaries:

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