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Scots Commercial Law Exam: Law Society of Scotland, Paper One, Aug 7, 2009, Exams of Law

Hidayatullah National Law UniversityLaw

The instructions and questions for the scots commercial law examination held by the law society of scotland on 7 august 2009. The examination consists of three questions, each worth different percentages, and candidates must ensure they use appropriate authority for their answers. Topics covered include insurable interest, diligence, bills of exchange, and security over moveable property.

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Uploaded on 12/09/2012

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THE LAW SOCIETY OF SCOTLAND EXAMINATIONS
SCOTS COMMERCIAL LAW
PAPER ONE
(TWO HOURS)
7 AUGUST 2009
Candidates must answer THREE questions.
Please ensure you use appropriate authority for your answers.
1.
“The concept of insurable interest is notoriously difficult to define”Davidson and
Macgregor,Commercial law in Scotland (2
nd
edn, 2008), para 7.4
What is understood
by the concept “insurable interest”, and critically evaluate the situations where it
is relevant.
2. Answer EITHER Part A OR Part B
Part A
Alf Ardman Ltd is a company which is on the verge of insolvency. In the past
three months creditors have carried out various diligences against the
company. Explain the risks would the creditors face if Alf Ardman Ltd was to be
liquidated today? To what extent would your answer differ if the debtor was Alf
Ardman rather than Alf Ardman Ltd?
OR
Part B
Critically consider the reforms to the law of diligence implemented by the
Bankruptcy and Diligence etc (Scotland) Act 2007.
pf3

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Download Scots Commercial Law Exam: Law Society of Scotland, Paper One, Aug 7, 2009 and more Exams Law in PDF only on Docsity!

THE LAW SOCIETY OF SCOTLAND EXAMINATIONS

SCOTS COMMERCIAL LAW

PAPER ONE

(TWO HOURS)

7 AUGUST 2009

Candidates must answer THREE questions.

Please ensure you use appropriate authority for your answers.

  1. “The concept of insurable interest is notoriously difficult to define”Davidson and Macgregor, Commercial law in Scotland (2nd^ edn, 2008), para 7.4What is understood by the concept “insurable interest”, and critically evaluate the situations where it is relevant.
  2. Answer EITHER Part A OR Part B

Part A

Alf Ardman Ltd is a company which is on the verge of insolvency. In the past three months creditors have carried out various diligences against the company. Explain the risks would the creditors face if Alf Ardman Ltd was to be liquidated today? To what extent would your answer differ if the debtor was Alf Ardman rather than Alf Ardman Ltd?

OR

Part B

Critically consider the reforms to the law of diligence implemented by the Bankruptcy and Diligence etc (Scotland) Act 2007.

  1. The front of a bill of exchange looks like this

£10,000 Warmanbie

16 th^ July 2009

Sixty days after sight of this bill of exchange pay us or order the sum of £10,000 (TEN THOUSAND POUNDS STERLING) only for value received

To: Bob Baker For and on behalf of

46 Nick Park Flipping Kids plc

Brydekirk

Dumfriesshire Anthony Hancock

Director

The bill has been crossed on the front as follows:

“Accepted 23 rd^ July, 2009, Bob Baker”

(a) Identify the drawer, drawee, payee, and indicate when the bill will be due for payment? (25%)

(b) Explain how you would ascertain who is entitled to claim payment on the bill – detailing any additional information you would require. (45%)

(c) If the drawee is unable to make payment on the due date how should the person entitled to claim payment proceed? (30%)

  1. Where Xavier owes money to Yann, Zelda may be asked to grant a cautionary obligation in Yann’s favour. Consider all of the possible implications for Zelda’s