Public Company – Winding-Up – Liability of Trustee – Where Stock Purchased by Trust – Want of Signature to Transfer – Authority.
Held ( affirming judgment of Court of Session) that where there was antecedent authority given to the law agent by a trustee to purchase stock in the City of Glasgow Bank, followed by subsequent recognition on the part of the trustee of the purchase of the stock in a letter of mandate to draw dividends, the trustee’s name was properly entered upon the bank’s register, and subsequently on the bank’s failure upon the list of contributories, and that it made no difference that the truster’s signature was not appended to the deed of transfer.
Observations per Lord Selborne and Lord Blackburn upon the decision of the House of Lords in Lumsden v. Buchanan with reference to the case of Dr Andrew Buchanan.
Lord Chancellor (Cairns), Lord Hatherley, Lord O’Hagan, Lord Selborne, Lord Blackburn, and Lord Gordon
 UKHL 819, 16 SLR 819
Updated: 04 July 2022; Ref: scu.637966