Explain who owns and has legal title to the diamond

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Reference no: EM131651330

Using a stolen and fraudulent check Richy Rich purchased a 30-carat diamond ring for $100,000 from Bailey’s Jewelers. Richy Rich then took the diamond he had purchased, and the accompanying gemological certificate issued by Bailey’s, to a Reliable loan jewelry store and Pawn operated by Sammy Schiester. Upon examination of the ring and certificate, Schiester then bought the ring from Richy Rich. He paid Rich using a $40,000 cashier’s check. Polly Pawn, a customer of Schiester’s purchased the ring for $50,000. But eventually, Richy Rich was arrested for passing a bad check, and the police seized the diamond. Explain who owns and has legal title to the diamond? Are there differing types of title? Please identify the parties using any applicable legal terminology.

Reference no: EM131651330

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