Vörueigandi

Vörueigandi is a term used in Icelandic law and commerce to denote the owner of goods. The vörueigandi is the person or entity that holds title to specified goods and bears ultimate control and responsibility for them, including the right to dispose of the goods and to benefit from their value, unless the contract or law provides otherwise.

The word is formed from vara (goods) and eigandi (owner). In English contexts it is often translated as "owner of the goods" or "titleholder." It is distinct from mere possession, such as a bailee or consignee, who may hold or transport goods without owning them.

In practice, the rights and obligations of the vörueigandi are defined by contract and Icelandic law governing the sale of goods, security interests, and bailment. Ownership may transfer on delivery or at another agreed moment; the risk of loss can pass with delivery or be allocated by contract. In secured transactions, the creditor may be the vörueigandi for certain assets until default or repayment, while ownership may remain with the lender under specific agreements.

Vörueigandi status also clarifies questions in logistics, insurance, and dispute resolution. For example, a manufacturer that ships goods to a distributor may remain the vörueigandi until title passes to the distributor or a retail customer, depending on the terms of delivery and sale. Likewise, in bailment or consignment arrangements, the consignee may possess the goods without becoming the vörueigandi.

See also: ownership, seller, buyer, bailment, secured transaction.