law: Sale of Goods Act, 1930
  19. Property passes when intended to pass
  (1) Where there is a contract for the sale of specific or
  
  ascertained goods the property in them is transferred to the buyer at such time
  
  as the parties to the contract intend it to be transferred.
  (2) For the purpose of ascertaining the intention of the parties
  
  regard shall be had to the terms of the contract, the conduct of the parties
  
  and the circumstances of the case.
  (3) Unless a different intention appears, the rules contained in
  
  sections 20 to 24 are rules for ascertaining the intention of the parties as to
  
  the time at which the property in the goods is to pass to the buyer.
  Comment: It was one of the terms of the contract
  
  between the parties that the seller would not be liable for any future loss of
  
  goods and that the goods were being dispatched at the risk of the respondent.
  
  The respondent had also obtained insurance of the goods and had paid the policy
  
  premium. He, therefore, intended the goods to be treated as his own so that if
  
  there was any loss of goods in transit, he could validly claim the insurance
  
  money. The weighment of the goods at Hyderabad or the collection of documents
  
  from the bank or payment of price through the bank at Hyderabad were
  
  immaterial, inasmuch as the property in the goods had already passed at Kerala
  
  and it was not dependant upon the payment of price or the delivery of goods to
  
  the respondent. Agricultural Market Committee v. Shalimar Chemical Works Ltd.,
  
  AIR 1997 SUPREME COURT 2502