(New Zealand) Under the Act, certain companies had a duty to pay over to the Inland Revenue balance held on old and dormant accounts. They had issued travellers cheques which had never been presented. The revenue argued that the claim arose six months after the cheques were issued.
Held: The Act was unconcerned with Limitation Act issues. ‘The monies unclaimed under these Thomas Cook drafts were for the purposes of the 1971 Act owing and payable from their date of issue and it matters not whether the drafts could ever have been sued upon without a demand being made, whether before or after they became stale.’ The sums were unclaimed sums within the Act, and the appeal by the company was dismissed.
Judges:
Lord Bingham of Cornhill, Lord Clyde, Lord Millett, Lord Scott of Foscote, Lord Brown of Eaton-under-Heywood
Citations:
[2004] UKPC 53
Links:
Statutes:
Unclaimed Money Act 1971 4(1)(e)
Citing:
Cited – Joachimson v Swiss Bank Corporation CA 1921
The service of the order nisi binds the debt in the hands of the garnishee – that is, it creates a charge in favour of the judgment creditor. No cause of action for non payment arises in respect of money standing on a current account until the . .
Lists of cited by and citing cases may be incomplete.
Commonwealth, Limitation, Banking
Updated: 27 June 2022; Ref: scu.219590
