South African Double Tax Treaties

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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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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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270 Welsh Development Agency v. Export Finance Co Ltd Court of Appeal (Civil Division) CA (Civ Div) Dillon, Ralph Gibson and Staughton L JJ Judgment delivered 19 November 1991 Receivership--Registrable charge--Company financed export trade under "masteragreement" with finance company--Agreement authorised company to agree to sellon finance company's behalf "goods immediately thereafter agreed to be sold to"finance house--Whether agreement created charge--Whether finance company ordebenture holder entitled to proceeds of sales--Receivers instructed overseasbuyers to pay debts to them--Whether receivers liable for wrongful interferencewith contract--Companies Act 1985, sec. 395, 396; Insolvency Act 1986, sec.234(3), (4). This was an appeal by the defendant, Export Finance Co Ltd ("Exfinco"),against the judgment of Browne-Wilkinson V-C [1990] BCC 393 that a...
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