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PASSING OF PROPERTY IN THE GOODS

•Lecture 4 •Passing of the property in the goods •When does the property in the goods pass (unascertained goods) •No property can pass in unascertained goods which were not appropriated to the contract or purchaser Re London Wine Co [1986] •In Re Stapylton Fletcher [1994] the court found that the property in the goods had been sufficiently appropriated by segregating the relevant quantity of wine from their general trading stock and placing it into separate storage. •s 20A of the Sale of Goods Act 1979 •This section gives proprietary remedies to a buyer of goods forming part of a larger bulk (See Re Wait [1927]) •a precondition is that the goods subject to the sale are forming part of an identified bulk, and that the goods had been prepaid or partially paid for •Cont. •Unless otherwise agreed by the parties , property in an undivided share In the bulk is transferred to the buyer •The buyer becomes an owner in common of the bulk s 2A(2)(b) •The buyer becomes an owner in common, not the
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SYSTEMIC RISK

SYSTEMIC RISK In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to risk associated with any one individual entity, group or component of a system.[1][2] It can be defined as "financial system instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or conditions in financial intermediaries".[3] It refers to the risks imposed by interlinkages and interdependencies in a system or market, where the failure of a single entity or cluster of entities can cause a cascading failure, which could potentially bankrupt or bring down the entire system or market.[4] It is also sometimes erroneously referred to as "systematic risk". • The easiest way to understand systemic risk is to consider a bank run which has a cascading effect on other banks which are owed money by the first bank in trouble, causing a cascading failure. As depositors sense the ripple effects of default, and liquidity concer
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PASSING OF PROPERTY IN THE GOODS

•Passing of the property in the goods •Passing of the property: why is it important? •In a nutshell, it signifies the moment when the seller cease to be, and the buyer becomes the owner of the goods •The buyer bargains for the ‘property in goods’ and not in their ‘possession’ •Agreement to Sell •The Contract is executory •Any remedy against the seller is in damages for breach •The risk of loss is on the seller •If the seller becomes insolvent, the buyer has no rights to the goods •Where the buyer becomes insolvent the seller can claim the goods back •The buyer cannot insist on in rem rights against third parties (Sillavan v Aliakmon 1986) •Sale agreements •There is a conveyance in addition to the contract •The buyer has in rem rights •The buyer is left with all the responsibility for the goods, including risk of lost •The doctrine of frustration is inapplicable; s 7 of SGA •Where the seller becomes insolvent the buyer can claim the goods •Risk •General Rule: Any damage to goods ought t
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