Current Legal Issues
- BANKING AND FINANCIAL SERVICE
- (4) Sale of Goods Whose Owners do not Come Forward to Take Delivery of them
It may happen that the importer neither take delivery of the goods nor pay the bank the
price thereof, after the bank exhausts all means of notifying and warning the buyer to do
so. In this case the bank can sell the goods to retrieve the amount it owes from the sale
(12) It is permissible for the bank, in this case, to sell the
goods; it is also permissible for the others to buy the goods.
This is because the bank is acting as an agent for the owners of the goods in selling
it when they defaulted in repaying whatever cost the bank incurred in the process. This is
done in implementation of either the explicit or implicit condition stipulated in such
deals. If it was lawful to sell, it is [by the same standard] lawful to buy.