Ings v. The Bank of P.E.I.

Ings v. The Bank of P.E.I.

Because the appellant acquired the draft bona fide for value before the Winding-up Act was passed and because s.76 by its terms applies to claims against a person in his capacity as a contributory, the Act did not bar the appellant's set-off; the statute was not to be given retroactive effect in respect of this transaction; appeal allowed and set-off permitted.

Citation
(1885) 11 SCR 265
Parties
Appellant/defendant: John Ings; Respondent/plaintiff: The President, Directors And Company of the Bank of Prince Edward Island
Court
Supreme Court of Canada
Jurisdiction
Canada
Judgment Date
23 June 1885
Procedural Posture
Collection (contract) Winding Up/set Off Dispute / Appeal to the Supreme Court of Canada From the Supreme Court of Prince Edward Island; Judgment on Demurrer and Rule for New Trial
Outcome
Appeal allowed. Judgment of the Supreme Court of Prince Edward Island reversed.
Legal Topics
Set Off, Winding Up Act (45 Vic. C.23), Contributory Liability, Retrospectivity of Statutes, Demurrer, Calls on Shareholders
Source Language
English
Contract Insolvency/winding Up Equity (set Off) Negotiable Instruments Set Off Winding Up Act (45 Vic. C.23) Contributory Liability Retrospectivity of Statutes +2 more

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Parties

John Ings

Appellant/defendant

The President, Directors And Company of the Bank of Prince Edward Island

Respondent/plaintiff

Procedural Posture

Collection (contract) Winding Up/set Off Dispute / Appeal to the Supreme Court of Canada From the Supreme Court of Prince Edward Island; Judgment on Demurrer and Rule for New Trial

Legal Issues

  1. 1 Whether s.76 of 45 Vic. c.23 bars a contributory who acquired a debt instrument from setting it off against a claim by the bank
  2. 2 Whether the Winding-up Act applied retrospectively to transfers made before its passage
  3. 3 Whether s.76 applies only to claims against a person in his capacity as a contributory

Ratio Decidendi

Because the appellant acquired the draft bona fide for value before the Winding-up Act was passed and because s.76 by its terms applies to claims against a person in his capacity as a contributory, the Act did not bar the appellant's set-off; the statute was not to be given retroactive effect in respect of this transaction; appeal allowed and set-off permitted.

Court Disposition

Appeal allowed. Judgment of the Supreme Court of Prince Edward Island reversed.

Orders

  • Appeal allowed with costs
  • Judgment entered for defendant on demurrer