British Linen Bank v. City of Edinburgh [1912] UKHL 31 (29 October 1912)

British Linen Bank v. City of Edinburgh [1912] UKHL 31 (29 October 1912)

The statutory language and context indicate that the Corporation was not bound to redeem the stock at the expiration of thirty years but merely had the option to do so; no obligation to redeem was established by the pursuers.

Citation
[1912] UKHL 31
Parties
Pursuer/respondent: British Linen Bank; Defender/appellant: City of Edinburgh
Jurisdiction
United Kingdom
Judgment Date
29 October 1912
Procedural Posture
Appeal / House of Lords Judgment on Appeal From Extra Division, Court of Session
Outcome
Appeal allowed; action dismissed.
Legal Topics
Redeemable Stock, Local Authority Borrowing Powers, Interpretation of Private Acts
Statutory Interpretation Municipal Law Banking and Finance Redeemable Stock Local Authority Borrowing Powers Interpretation of Private Acts

Case Brief

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Parties

British Linen Bank

Pursuer/respondent

City of Edinburgh

Defender/appellant

Procedural Posture

Appeal / House of Lords Judgment on Appeal From Extra Division, Court of Session

Legal Issues

  1. 1 Whether the City of Edinburgh Corporation was bound to redeem stock at a fixed date or merely had an option to do so under the relevant statutes.

Ratio Decidendi

The statutory language and context indicate that the Corporation was not bound to redeem the stock at the expiration of thirty years but merely had the option to do so; no obligation to redeem was established by the pursuers.

Court Disposition

Appeal allowed; action dismissed.

Orders

  • Interlocutor of the Extra Division reversed.
  • Action of declarator by British Linen Bank dismissed.