Christie's Trustee v. Leith, Hull, and Hamburg Steam Packet Co., Ltd [1915] ScotLR 674 (21 May 1915)

Christie's Trustee v. Leith, Hull, and Hamburg Steam Packet Co., Ltd [1915] ScotLR 674 (21 May 1915)

The bankrupt employee, while still in service, had no vested right to demand delivery of the policy or its surrender value; his rights were contingent upon leaving service or reaching a specified age. The trustee could not acquire greater rights than the bankrupt, and the policy was not an asset of the estate at the time of bankruptcy. The contractual scheme governing the policy precluded delivery or realisation by the trustee while the employee remained employed.

Citation
[1915] ScotLR 674
Parties
Pursuer: Charles Simon Romanes, C. A., Edinburgh, trustee on the sequestrated estates of Thomas Christie, Grangemouth; Defender: Leith, Hull, and Hamburg Steam Packet Company, Limited, Leith
Jurisdiction
Scotland
Judgment Date
21 May 1915
Procedural Posture
Civil / Appeal From Sheriff Court Decision
Outcome
appeal allowed, interlocutor of Sheriff-Substitute recalled, defenders assoilzied (absolved)
Legal Topics
Sequestration, Vesting of Estate, Employee Benefit Schemes, Bond of Annuity, Superannuation, Surrender Value, Contingent Interests
Bankruptcy Employment Insurance Sequestration Vesting of Estate Employee Benefit Schemes Bond of Annuity Superannuation +2 more

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Parties

Charles Simon Romanes, C. A., Edinburgh, trustee on the sequestrated estates of Thomas Christie, Grangemouth

Pursuer

Leith, Hull, and Hamburg Steam Packet Company, Limited, Leith

Defender

Procedural Posture

Civil / Appeal From Sheriff Court Decision

Legal Issues

  1. 1 Whether the policy of annuity under the superannuation scheme vested in the trustee on the sequestrated estate of the bankrupt employee
  2. 2 Whether the trustee was entitled to delivery of the policy or its surrender value while the employee remained in service

Ratio Decidendi

The bankrupt employee, while still in service, had no vested right to demand delivery of the policy or its surrender value; his rights were contingent upon leaving service or reaching a specified age. The trustee could not acquire greater rights than the bankrupt, and the policy was not an asset of the estate at the time of bankruptcy. The contractual scheme governing the policy precluded delivery or realisation by the trustee while the employee remained employed.

Court Disposition

appeal allowed, interlocutor of Sheriff-Substitute recalled, defenders assoilzied (absolved)

Orders

  • Sheriff-Substitute's decree recalled
  • Defenders assoilzied (absolved)