Reservation of Title
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By: Gerard McCormack
The establishment of legal title to goods held by a company in financial difficulties can be of critical importance to creditors and receivers. This practical work examines the various clauses used in practice, looking also at the advantage to the supplier of goods in the includion of such clauses.
AI Overview
The book "Reservation of Title" by Gerard McCormack is a comprehensive legal treatise that examines the concept of reservation of title clauses in commercial law. Here is a detailed overview of the book:
Key Themes
Reservation of Title Clauses: The book delves into the various types of clauses used in practice, focusing on their advantages to suppliers of goods. It discusses how these clauses can protect suppliers' interests in the event of insolvency or disputes over property rights.
Passing of Property: The text includes detailed discussions on the rules governing the passing of property, which is crucial for understanding how reservation of title clauses operate.
Tracing and Admixture of Goods: It explores the principles related to tracing and admixing goods, which are essential for determining the extent of a supplier's claim on goods that have been mixed with other goods or have changed form.
Insolvency Law: The book highlights the role of reservation of title clauses in the context of insolvency law, particularly in light of economic recessions. It discusses how these clauses can help suppliers recover their goods or payments in the event of a buyer's insolvency.
Drafting of Reservation Clauses: The practical nature of the book is emphasized by suggestions for more effective drafting of reservation clauses. This is aimed at helping legal practitioners and businesses draft clauses that are clear and effective in protecting their interests.
Plot Summary
The book does not have a narrative plot but rather a structured legal analysis. It covers significant case law developments, particularly on the tracing and aggregation aspects of reservation of title. The second edition includes updates on recent judicial decisions and their implications for the use of reservation of title clauses in commercial transactions.
Critical Reception
The book has been well-received for its comprehensive coverage of the subject matter. Here are some points from the critical reception:
Academic and Judicial Recognition: The book is recognized for its detailed analysis and practical suggestions. It has been cited in several academic articles and judicial decisions, including notable cases like Aluminium Industrie Vaassen B.V. v. Romalpa Aluminium Ltd. and E. Pfeiffer Weinkellerei-Weineinkauf G.m.b.H. & Co. v. Arbuthnot Factors Ltd.
Practical Utility: The book is praised for its practical nature, providing useful insights and drafting suggestions that are essential for legal practitioners and businesses dealing with reservation of title clauses.
Case Law Developments: The second edition's inclusion of significant case law developments has been particularly noted, as it reflects the evolving nature of the law and its practical applications.
Overall, "Reservation of Title" by Gerard McCormack is a seminal work in the field of commercial law, offering a thorough examination of reservation of title clauses and their practical implications. Its critical reception reflects its utility and relevance in both academic and judicial contexts.