Judgment was delivered by Judge Sir Skinner Turner 'Supreme Court on Thursday on the motion of Mr. A. C, Holborow, appearing for Dent & Ca, (in, bankruptey) for a re-hearing' of a. portion of his Lordship's judgment delivered on the claim heard. previously to determine the respective of the Banque de L'Indo and the trustee in Bankrupted of Dent & Ca. in the sum of Ts, 20,150, paid into HM. Supreme Court on the order of the! French Com His Lordship said:
This isa motion under Section 108 (1) of the Bunkruptey Aet 1914 asking this Court to review its decision jin a matter in the bankrupted of Mr. RV. Dent. Tr has not been argued that that subsection does not apply to this Court and T see that the learned. editors of Halsbary (Vol, IL, p. 308) state that this "power to rehear etc a necessary incident of bank: rupted. jurisdiction; and that fore Courts exercising that jurisdiction have wider powers than Courts of ordinary jurisdiction. But certain limitations on the right to invoke this jurisdiction and the conditions under which it should be exercised are stated (see paragraph 616), and probably ought to be observed.
have listened to the arguments addressed to me, and considered them together with what was said on the first hearing. I take it the whole matter is open to me I am not tied down by any decision of facts or law made by me in my earlier judgment, when T set out the relevant factors in this matter, 80 T need not repeat them.
Te is urged very strongly that, inasmuch as the Banque took no steps by notice or otherwise to communicate their interest in the debt and securities pledged with them by Dent to the Silk original debtor to Dent), they cannot now be heard to share, a: fund' (the debt) which has been id by the mill, that Dent, having'
his compradore got the money' and the mill being thus free from this liability to him, is entitled to pass that money on' to his trustee bankruptey for his _general creditors owing to the laches or, carelessness of the Bank: and that, once the' debt was paid, the documents representing the debt and the, securities for it are. so much waste paper in the hands of the Banque, and authorities are quoted in support of these contentions, for which need not refer.
Wherg the argument of the trustee fails to my mind is that he jean get_no more than his: debtor had in this matter: he (the debtor) made a perfectly valid equitable mortgage of the dobe and the securities for it to the Banque and in there circumstances, applying the doctrine laid down in in re Wallis—ex parte Jenks, 1902, 1. K, B. 719) (affirmed) indin re Andrews, 1911, LKB., 896) the Trustee in Dent's bankruptey as statutory assignee only of the bankrupt's shares in tion takes them subject to equities existing therein at the date of the commencement of the bankrupted: I hold therefore again that the Banque must be treated as secured creditor in respect of this fund. I. confess to some: doubt whether the money ever actually reached Dent or an agent for hu at uny rate it was never entered in his books as having been paid by the Mill.
Text read from the printed page and cleaned; old type leaves the occasional error.