Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

GOTTESMANN v. NAVIGATION & TRADING COMPANY, LTD.

[1953] 1 Lloyd's Rep. 119

QUEEN'S BENCH DIVISION.

Before Mr. Justice Wynn-Parry (sitting as an Additional Judge of the Queen's Bench Division).

Contract - Sale of shares - Immediate payment upon transfer - Provision for future additional payment "if and when the company is able to utilize or cash its credit . . . in the Government Tonnage Replacement Account" - Compulsory winding-up - Insolvency even after taking into account sum realized from sale of credit - Right of seller to further payment - Implied term - Contemplation of parties - Ambiguity.

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