SHIPTON, ANDERSON & CO. (1927), LTD. (IN LIQUIDATION) v. MICKS, LAMBERT & CO.

(1936) 55 Ll.L.Rep. 384

KING'S BENCH DIVISION.

Before Mr. Justice Branson.

Sale of goods-Liquidation of sellers- Right of buyers under London Corn Trade Association Contracts, Nos. 28 and 36, Clause 5-Purchase of wheat by claimants from first sellers-Sale of wheat by claimants to respondents- Notice of appropriation given-Liquidation of claimants-Purchase by respondents from first sellers of wheat of contract description in order to implement contracts which respondents had made-Contention by liquidator that respondents were bound by Clause 5 to account to claimants for the profit made on repurchase-"5. In case either party shall suspend payment . . . he shall be deemed to be in default, and the other party shall, after giving notice by letter or telegram to the defaulting party, and notwithstanding any bankruptcy or liquidation, be entitled immediately to resell or repurchase, as the case may be, and shall also be entitled to be paid, or to prove in any bankruptcy, liquidation or otherwise, for the loss, if any, or shall account for the profit, if any, occasioned by such resale or repurchase"- Option to close contract and purchase against claimants not exercised by respondents-Construction of Clause 5.