Debt Financing and Security (Principles of Commercial Law)
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Law 237: Principles of Commercial Law (LAW237)
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Bailment
o Coggs v Bernard (1703) (potable liquid) introduced 6 species of bailment
o Since this, locatio custodiae was introduced (depositum + reward) – “hire of
custody”
o Constructive bailments – including non-consensual bailments (i.e. theft)
1. Depositum
Khan v Grocutt 2 doctors – K sues G for K was liable to A delivers
Turkey – rent negligent driving – G as he was goods to B to
car – K holds not G’s fault. holding onto look after
onto insurance Insurance docs – physical them – ‘naked
docs – collide problem: couldn’t tangible item bailment’
with lorry – G is recover against with rights it
driving legal aid costs as represents
they couldn’t find (need not be
insurance docs goods)
2. Locatio custodiae
Chapman v Travelling salesman had Goods destroyed in depositum but
GWR goods sent to him to be fire. Change in nature for reward
kept at station and await of bailment change in
collection – put in storage at nature of liability – two
depot – all paid for – creates bailments now
locatio custodiae
3. Commodatum
Coughlin v lending something to someone for their benefit without charge
Gillison
4. Vadium
Donald v Valuable paper – A Bill dishonoured – pledging
Suckling deposited debentures with unpaid, A brought something as a
B – B should have power to detinue against C for security – e.g.,
sell or dispose of debentures. Held pawning
debentures if bill is not paid repledge by B to C
by A. Before maturity of bill did not put an end to
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