general import-export merchant and also has a briefcase manufacturing business Custom Essay

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Mark is a general import-export merchant and also has a briefcase manufacturing business. He enters into the following transactions:
a) He supplies 40 crates of bottles of Chilean Merlot red wine to Jason � in the supply contact is a clause authorising the sub-sale of the wine but requiring the payment of any such sub-sale proceeds into a designated bank account. Jason has entered into a factoring arrangement whereby he factors any debts owed by buyers to East Riding factors plc. A notice of this factoring arrangement is printed on each sale invoice and requires the purchasers of the wine to pay the invoice amount to East Riding Factors plc. Jason is declared bankrupt by his creditors and both Mark and East Riding Factors plc are claiming the unpaid amount outstanding from the purchasers of the 40 crates of Chilean Merlot.
b) Mark acquires a car from Severn Car Importers who have inserted a reservation of title clause in the contract stating that title in the car shall not pass until it has been paid for. Mark sells it to Kerry who has not yet paid the purchaser price. Mark is declared bankrupt. Severn Car Importers are demanding that Kerry hand over the car to them, or pay the price of the car direct to them as it is still their property and they have not been paid for it;
c) Mark acquires some leather, from Richmond Leather Producers, which he intends to use to make brief cases. At the time he is declared bankrupt he has
(i) Three unused rolls of leather;
(ii) Fifty briefcases made from leather he has acquired from Richmond Leather Producers;
(iii) $5,000 representing the sale of briefcases made from leather supplied by Richmond Leather Producers;
(iv) And 100 briefcases are in the possession of Bangor Leather Goods, a retail leather goods shop in Bangor.
Richmond Leather Producers claim the unused rolls of leather, the fifty briefcases in Mark�s possession, those at Bangor Leather Goods and the $5,000 from the sub-sales ( which in Mark�s general trading bank account) relying on an �all monies� reservation of title clauses which restricts the passing of title to the leather supplied until it is passed for, as well as leather supplied under any other leather supply contract, the proceeds of sale of any briefcases sold using leather supplied by them and that title is not to pass to any sub-buyer in any leather supplied by them and that title is not to pass to any sub-buyer in any leather or briefcase until all trade debts for supplied leather by them have been settled.

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