Introduction

Abstract

This book examines the proprietary protection of the key forms of proprietary interests arising in commercial transactions. The focus is on the so-called lesser proprietary interests, interests which are less than absolute interests and are created in favour of suppliers of goods under a contract of sale with title-based interests and consensual security interests. The book considers tracing, the process of identifying an asset later in time in relation to an asset earlier in time. Chapters discuss the legal structure of proprietary interests, the ways in which those proprietary interests are lost, how new assets can derive from other assets, the default rules governing proprietary interests in derived assets outside contract and outside misapplication of assets, and the issues with contracts that provide for proprietary interests in derived assets. The book also analyses issues that arise from proprietary claims to derived assets where the originally held asset was misapplied.