Clydesdale Bank Ltd v. M'Intyre [1909] ScotLR 969 (17 July 1909)

Clydesdale Bank Ltd v. M'Intyre [1909] ScotLR 969 (17 July 1909)

The pursuers' right remained a security right, not a proprietary right, after the trust-deed and composition. The debtor remained the beneficial owner and was bound to accept reconveyance of the security subjects. The precedent in Kinmond, Luke & Company v. James Finlay & Company was binding and directly applicable.

Citation
[1909] ScotLR 969
Parties
Pursuer: Clydesdale Bank Limited; Defender: William Anderson M'Intyre; Defender: Douglas William M'Intyre; Defender: Angus David M'Intyre
Jurisdiction
Scotland
Judgment Date
17 July 1909
Procedural Posture
Civil Action for Declarator / Inner House Appeal, Final Judgment
Outcome
Court adhered to Lord Ordinary's interlocutor; defender bound to accept reconveyance and pay costs.
Legal Topics
Trust Deed for Creditors, Secured Creditor Rights, Reconveyance of Security Subjects, Composition Under Bankruptcy Acts
Bankruptcy Property Law Secured Transactions Trust Deed for Creditors Secured Creditor Rights Reconveyance of Security Subjects Composition Under Bankruptcy Acts

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 8 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Clydesdale Bank Limited

Pursuer

William Anderson M'Intyre

Defender

Douglas William M'Intyre

Defender

Angus David M'Intyre

Defender

Procedural Posture

Civil Action for Declarator / Inner House Appeal, Final Judgment

Legal Issues

  1. 1 Whether a secured creditor, after valuing security and ranking for dividend, retains only a security right or acquires proprietary ownership of the security subjects
  2. 2 Whether the debtor is bound to accept reconveyance of unsaleable security subjects with ongoing liabilities

Ratio Decidendi

The pursuers' right remained a security right, not a proprietary right, after the trust-deed and composition. The debtor remained the beneficial owner and was bound to accept reconveyance of the security subjects. The precedent in Kinmond, Luke & Company v. James Finlay & Company was binding and directly applicable.

Court Disposition

Court adhered to Lord Ordinary's interlocutor; defender bound to accept reconveyance and pay costs.

Orders

  • Defender William Anderson M'Intyre is bound to accept and record in the Division of the General Register of Sasines a disposition and reconveyance by the pursuers in his favour, with entry as at Martinmas 1908, of the specified subjects.
  • Defender is bound to pay pursuers the whole costs and expenses of and connected with the preparation, execution, and recording of the disposition and reconveyance.