Skip to main content
Normal View

Joint Committee on Legislation debate -
Friday, 24 May 1985

SECTION 77.

Question proposed: "That section 77 stand part of the Bill."

Section 77 substitutes a reference to the Official Assignee for the reference to a trustee in bankruptcy in section 12 (2) of the Factors Act, 1889. That subsection is a saver for the rights of the true owner of property which has been entrusted to a mercantile agent who has been adjudicated bankrupt. It entitles the owner of goods which have been entrusted to such an agent to recover the goods from the agent or his trustee in bankruptcy at any time before the sale or pledge thereof. If, however, the goods have been pledged by the agent the owner can redeem them at any time before they are sold on paying the sum for which they were pledged and whatever sums are due to the agent. If the goods have been sold by the person with whom they are pledged the owner can recover from that person any balance of money remaining in his hands as the produce of the sale of the goods after the person has deducted the amount of his lien.

Question put and agreed to.
Top
Share