Property II

Equitable Conversion

Under the traditional equitable conversion rule, the risk of loss is placed on the purchaser as soon as the contract is made.

Under the Massachusetts rule, the risk of loss is placed on the seller until the closing or a taking of possession.

Under the Uniform Vendor and Purchaser Risk Act, if all or a material part is destroyed without the buyer's fault, the risk of loss is on the seller until the closing or a taking of possession.

A contract can provide another rule than a state's default.