The Victorian Reports Volume 26 PDF Download

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897 edition. Excerpt: ...Company informing it of the order they hold and requiring the Trustees Company to deliver the scrip. Through a variety of causes this was not done, and on the 30th of September 1892 John Moore Highett executed and delivered to James McLaughlin a. transfer of these shares. But it has been On the same day he signed a letter found by the learned primary Judge, and that finding has not been questioned before us, that James McLaughlin took this transfer with full knowledge of the previous dealing. And Mr. McLaughlin therefore stands in precisely the same position as J. M. Highett. Some dividends have been received by the Trustees Company, and the question is to whom do these dividends belong? It is not disputed, as I understand the arguments, that John Moore Highett is entitled to all dividends up to the 11th of August; but the question is as to who is entitled to the subsequent dividends. The New Zealand Company contends that it is entitled to all dividends after the llth of August--that is, the day of their demand for the scrip; while it is argued on behalf of Mr. McLaughlin that he is entitled to all dividends received after the 30th of September, the date of the transfer to him. And it is put in this way for Mr. McLaughlin: There is a universal rule, a general legal principle, that an equitable mortgagee of real estate is not entitled to the rents and profits unless and until he has obtained from the Court an order of sale or the appointment of a receiver. Then by analogy that an equitable mortgagee of personalty is only entitled to rents and profits or dividends from the same point of time, and that the New Zealand Company is an equitable mortgagee. Before examining the authorities I propose to consider what, apart from all decisions, ..