This judgment recalls the importance of the warranty on stored goods. Where the security that Scipio should have had under the consignment agreement was not available, the success of Scipio`s assertion depended on the fact that it could prove that there was a decomposition on the terms of the CMA under which Vallis Scipio had been transferred and had agreed to hold the goods in Scipio`s name. In a recent case 1, the Commercial Court of England ruled that a lender could claim damages against a security manager on the basis of his right to own goods, even though a foreign collateral on the goods was invalidated. In addition, Scipio and Mac Z have entered into a collateral management agreement (CMA) with Vallis Group Limited (« Vallis »). This issue has been resolved by English law. As part of the CMA, Vallis agreed to act as collateral manager, to conserve, store and store stock and products in a warehouse in Skhirat, Morroco (the « site »). Vallis also agreed to expose storage entries and submit reports to Scipio on the total quantity and value of stocks and products on the site. Mac Z, as a borrower, has agreed to enter into a commitment agreement on goods and products (the « collateral ») to support its commitments to Scipio under the facility agreement. The directive was governed by Moroccan law. The Court confirmed that substantial compensation could be recovered by a person « entitled or entitled to hold property »3 and that this principle applies to a claim of a person entitled to the property as a bailor.
Scipio was therefore entitled to claim damages, regardless of the validity of the order. In 2016, the Scipion Active Trading Fund (« Scipion ») provided Mac Z Group SARL (« Mac Z ») with an untied revolving financing base for copper loans to finance the purchase of copper stocks for processing into copper products. Amanda RathbonePSL – Commodities, LondonT -44 (0)20 7264 8397M -44 (0)7900 1672566E email@example.com In order not to transfer a surplus to Mac Z, Scipio limited its claim to the value of the amount it had not recovered under the facility agreement, net of the value of certain remaining products and products. The Court made the following findings, of major interest: in accordance with previous MWC cases, the Court found that the bailment relationship arose from the original bailor (Mac Z as the owner of the goods), which saved Vallis` copper as a guarantee manager, and Vallis as a bailee who recognizes the transfer of the property to Scipio as a new leaseholder and declares himself ready to keep the copper on behalf of Scipio.