Definitions (4)
1. General: Formal and voluntary transfer of possession by actual (physical) delivery, constructive delivery (by an agreement or understanding), or symbolic delivery (by documents) Also called presentation or presentment.
2. Futures trading: Transfer of a cash commodity from the seller of a futures contract to its buyer, in accordance with the rules of a particular futures exchange.
3. Real estate: Final, unconditional, and absolute transfer of the deed to the buyer (the grantee) in such manner that it cannot be recalled by the seller (the grantor). Even a properly executed deed normally does not pass title until it is delivered to the grantee. See also livery.
4. Shipping: Transfer of a shipment's title through transfer of an original copy of the bill of lading to the consignee.
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