Seller's Right to Repossess Goods Under Retention of Title Clause in Bankruptcy
Synthèse Legislator
Généré par l'IAA seller transferred ownership of goods to a buyer under a contract containing a retention of title clause, but the buyer subsequently filed for bankruptcy before full payment was rendered; the court ruled that the seller's claim for the return of the goods was admissible because the retention of title clause was valid under the law, meaning ownership had not effectively passed to the bankrupt estate, thus the seller was entitled to recover the unpaid merchandise.
Regeste Legislator
Généré par l'IASeller's Right to Repossess Goods Under Retention of Title Clause in Bankruptcy: A seller transferred ownership of goods to a buyer under a contract containing a retention of title clause, but the buyer subsequently filed for bankruptcy before full payment was rendered; the court ruled that the seller's claim for the return of the goods was admissible because the retention of title clause was valid under the law, meaning ownership had not effectively passed to the bankrupt estate, thus the seller was entitled to recover the unpaid merchandise.