Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

SALE CONTINUATION, LTD. v. AUSTIN TAYLOR & CO., LTD.

[1967] 2 Lloyd's Rep. 403

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Paull

Contract-Letter of credit-Bank to be put in funds by third-party-Liquidation of bank-Whether third party obliged to put bank in funds-Whether third party held moneys in trust for bank-Effect of trust receipt. Banking-Trust receipt given by sellers' agents in exchange for documents of title to goods -Draft drawn under letter of credit on bank not honoured by bank-Whether purchase moneys for goods held by sellers' agents in trust for bank.

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