Bank of Scotland v. Crerar [1921] ScotLR 524 (18 June 1921)

Bank of Scotland v. Crerar [1921] ScotLR 524 (18 June 1921)

The pursuer, by her conduct and through her agents, acquiesced in the bank's system of treating shares as fungible and not retaining specific numbered shares. She is therefore barred from insisting on the return of the identical shares, and the bank is entitled to return an equivalent quantity of shares of the same denomination.

Citation
[1921] ScotLR 524
Parties
Defender: Bank of Scotland; Pursuer: Isabella Arrol Crerar
Jurisdiction
Scotland
Judgment Date
18 June 1921
Procedural Posture
Civil Appeal / Final Appellate Judgment
Outcome
action dismissed
Legal Topics
Pledge of Shares, Banking Custom, Security for Advances, Identification of Securities, Agency Law, Accounting by Fiduciaries
Banking Law Commercial Law Secured Transactions Pledge of Shares Banking Custom Security for Advances Identification of Securities Agency Law +1 more

Case Brief

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Parties

Bank of Scotland

Defender

Isabella Arrol Crerar

Pursuer

Procedural Posture

Civil Appeal / Final Appellate Judgment

Legal Issues

  1. 1 Whether a bank holding shares as security for advances is obliged to return the identical shares or may return equivalent shares of the same denomination.
  2. 2 Whether the pursuer is barred from insisting on return of specific shares by acquiescence in the bank's system and course of dealing.
  3. 3 Whether knowledge of the bank's practice by the pursuer's agents (stockbrokers) is attributable to the pursuer.

Ratio Decidendi

The pursuer, by her conduct and through her agents, acquiesced in the bank's system of treating shares as fungible and not retaining specific numbered shares. She is therefore barred from insisting on the return of the identical shares, and the bank is entitled to return an equivalent quantity of shares of the same denomination.

Court Disposition

action dismissed

Orders

  • Action dismissed; defenders assoilzied (absolved) from the conclusions of the petition.