Section 3 of 12 and 13 Vict. c. 87, – which enacts that where the trustees of any turnpike-road shall hereafter borrow, charge, or secure any sum of money on the credit of the tolls arising on such road, they shall out of the tolls, in priority of all payments except the interest, set apart 51. per cent, per annum on the sum borrowed, as a sinking fund towards repaying it, – does not apply to a case in which the trustees had borrowed a sum at 51. per cent, for the purposes of their roads before the passing of the act, and after the act passed, borrowed money at 41. Per cent., in order to pay off the original debt. Semble, by Cockburn, C.J., and Mellor and S
Cockburn, CJ Mellor Sehh JJ
(1865-1866) LR 1 QB 24, [1865] UKLawRpKQB 9
Commonlii
England and Wales
Updated: 29 September 2021; Ref: scu.653033