The Victorian Reports Volume 5

The Victorian Reports Volume 5

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1880 edition. Excerpt: ... as to suing, merely declaratory of the mortgagee's rights at common law, and that he might recover by action; also, that the stipulation that the principal was to be paid on a day named, imported a covenant by the defendants to pay on that day. Moreover, section 239 of Act No. 184, in giving the right to have a receiver appointed, gives it " without prejudice to any other mode of recovery," which, of course, would not be against the special rate of which the receiver would have possession. The whole purview of the enactment is concerned with giving additional security to the debentureholder. The special rate is to continue producing the same amount until the loan is repaid, but it is not the sole fund for repayment. In Pallister v. Mayor of Graresend (cl), it was held that a bondholder might maintain his action, even though he could not obtain satisfaction of his judgment out of the borough funds; and so in Payne v. Brecon (e), Nowell v. Worcester (f), and Emery v. Day (g). The debenture is a negotiable instrument. If the holder had to wait for payment until sufficient funds should be supplied by the special rate, he might be barred by the Statute of L1'.m'itat'ions. The defendants have power to make another special rate, or they may borrow again for the purpose of paying off this loan. A receiver can only take the special rate already made. Sec. 268 of Act No. 359 merely charges the borough fund. The question is, whether the borough is not liable to pay, no matter out of what fund. Sec. 303 of the "Local Government Act 1874.-" (No. 506) empowers municipalities to borrow for the purpose of paying off previous loans, and the amending Act (No. 533), sec. 2, authorises them to pay off, out of the general fund...show more

Product details

  • Paperback | 426 pages
  • 189 x 246 x 22mm | 757g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236812131
  • 9781236812131