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1(1)This paragraph applies to any obligation, not being part of a banking transaction, to pay money in respect of—S
(a)goods supplied on sale or hire, or
in a series of transactions between the same parties (whether under a single contract or under several contracts) and charged on continuing account.
(2)In the foregoing sub-paragraph—
(a)any reference to the supply of goods on sale includes a reference to the supply of goods under a hire-purchase agreement, a credit-sale agreement or a conditional sale agreement as defined (in each case) by section 1 of the M1Hire-Purchase (Scotland) Act 1965; and
(b)any reference to services rendered does not include the work of keeping the account in question.
(3)Where there is a series of transactions between a partnership and another party, the series shall be regarded for the purposes of this paragraph as terminated (without prejudice to any other mode of termination) if the partnership or any partner therein becomes bankrupt; but, subject to that, if the partnership (in the further provisions of this sub-paragraph referred to as “the old partnership”) is dissolved and is replaced by a single new partnership having among its partners any person who was a partner in the old partnership, then, for the purposes of this paragraph, the new partnership shall be regarded as if it were identical with the old partnership.
(4)The appropriate date in relation to an obligation to which this paragraph applies is the date on which payment for the goods last supplied, or, as the case may be, the services last rendered, became due.
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