Macdougall's Trustee v. Lockhart [1903] ScotLR 40_655 (09 June 1903)

Macdougall's Trustee v. Lockhart [1903] ScotLR 40_655 (09 June 1903)

Once the trustee accepts the creditor's offer to assign the security at the specified value, the creditor cannot withdraw the claim; the statutory scheme requires finality to protect the interests of the general body of creditors.

Citation
[1903] ScotLR 40_655
Parties
Pursuer/respondent: James Landells Selkirk, Trustee on the sequestrated estate of Robert Macdougall; Defender/reclaimer: Mrs Agnes Gardner Dalziel or Lockhart
Jurisdiction
Scotland
Judgment Date
09 June 1903
Procedural Posture
Bankruptcy/sequestration Declarator / Inner House Appeal, Final Judgment
Outcome
judgment for pursuer/respondent; appeal refused; Lord Ordinary's judgment affirmed
Legal Topics
Sequestration, Valuation and Deduction of Security, Withdrawal of Claim, Assignation of Security
Bankruptcy Property Law Sequestration Valuation and Deduction of Security Withdrawal of Claim Assignation of Security

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Parties

James Landells Selkirk, Trustee on the sequestrated estate of Robert Macdougall

Pursuer/respondent

Mrs Agnes Gardner Dalziel or Lockhart

Defender/reclaimer

Procedural Posture

Bankruptcy/sequestration Declarator / Inner House Appeal, Final Judgment

Legal Issues

  1. 1 Whether a creditor can withdraw a claim for ranking after the trustee has accepted the offer to take over the security under section 65 of the Bankruptcy (Scotland) Act 1856

Ratio Decidendi

Once the trustee accepts the creditor's offer to assign the security at the specified value, the creditor cannot withdraw the claim; the statutory scheme requires finality to protect the interests of the general body of creditors.

Court Disposition

judgment for pursuer/respondent; appeal refused; Lord Ordinary's judgment affirmed

Orders

  • Declarator granted entitling trustee to assignation of security upon payment of £850 with interest and charges
  • Pursuer to lodge minute stating payments ready to be made