Certain subjects, held by testamentary trustees for behoof of A in liferent allenarly and of his children in fee, had been acquired by the Glasgow Improvement Trustees in virtue of the powers conferred upon them by their Act of Parliament, and the sum consigned by the said Improvement Trustees had been invested in a heritable security under the direction of the Court of Session, as provided by the 68th section of the Lands Clauses Act (8 and 9 Vict. cap. 19), the Improvement Trustees being found liable in the expenses of the application to the Court. The testamentary trustees eight years thereafter applied to the Court for authority to discharge the security held by them, the debtor being desirous of paying up the same, and craved the Court to find the Improvement Trustees liable in the expenses of discharging the security of consigning the money in bank, and of this application to the Court.- Held, under the 79th section of the Lands Clauses Act, that the Improvement Trustees were not liable for any expenses attendant on a change of security until the applicants were prepared to invest the fund permanently in the purchase of other lands.
Citations:
[1878] SLR 15 – 471
Links:
Jurisdiction:
Scotland
Scotland
Updated: 26 November 2022; Ref: scu.577373