Cap. 6:07 37 INSOLVENCY No. 7/2018 Effect of liquidation of estate of seller under reservation of ownership contract The liquidation of the estate of a seller under a reservation of O\\ncrship contract docs not gi' c a right to the liquidator of the estate to reclaim property sold under the contract. 38 Goods purchased not on credit but not paid for (I) If a debtor, before the date of liquidation of his or her estate, received delivery of movable property bought by him or her and the purchase price of such property had not been paid in full at the time of the delivery despite a term of the contract that the purchase price is to be paid on deli very of the property, the seller may, after the liquidation of the purchaser's estate, reclaim the property if within 14 days after the delivery thereof he or she has given standard notice to the purchaser or the liquidator or the Master that he or she reclaims the property. (2) If the liquidator disputes the seller's right to reclaim the property he or she must, within 14 days after having received notice of the claim, notify the seller by standard notice that he or she disputes the claim, \Vhereupon the seller may within 14 days after the receipt of the said notice, institute legal proceedings to enforce his or her right. (3) For the purposes of subsection (I) a contract of purchase and sale is deemed to provide for the payment of the purchase price upon delivery of the property in question to the purchaser, unless the seller has agreed that the purchase price or any part thereof is not payable before or at the time of such delivery. (4) The liquidator of the purchaser's insolvent estate is not obliged to restore any property reclaimed by the seller in terms of subsection (l), unless the seller refunds to him or her every part of the purchase price already received by him or her. (5) Except as provided in this section, a seller is not entitled to recover any property which he or she sold and delivered to a purchaser whose estate \vas liquidated after the sale, only by reason of the fact that the purchaser failed to pay the purchase price. 39 Effect of liquidation upon lease (I) This section does not apply to a financial lease. (2) A lease of movable or immovable property is not terminated by the liquidation of the estate of the lessee, but the liquidator of the insoh,ent estate may, without prior notice, terminate the lease by standard notice to the lessor with the approval of the Master or in terms of a resolution of creditors taken at a meeting of creditors of the insolvent estate. (3) The lessor may claim from the insolvent estate compensation for any loss which he or she may have sustained by reason of the non-performance of the terms of the lease. (4) If the liquidator does not within three months of his or her appointment notify the lessor by standard notice that he or she continues the lease on behalf of the insolvent estate, he or she is regarded as having terminated the lease at the end of the said three months. (5) The rent due in terms of the lease from the date of liquidation of the estate of the lessee to the termination or cession of the lease by the liquidator, must be included in the cost of the liquidation. 229