Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVIII. Mortgages, debentures and receivers

Collection:: Economics Books

MORTGAGES, DEBENTURES AND RECEIVERS 205 It has already been pointed out that amongst the remedies of a debenture holder, when entitled to enforce his security, is the right to appoint, or to apply to the Court to appoint, a receiver. It is common for the conditions of a debenture to provide that, upon the security becoming enforceable, the holder, or, in the case of a series of debentures, the holders of a certain proportion of the debentures, may, by writing under his or their hands, appoint a receiver with specified powers. But, whether or not this right exists, a debenture holder, when entitled to enforce his security, can always commence a debenture holder's action, and immediately after doing so can apply to the Court to appoint a receiver. A body corporate cannot be appointed receiver [s. 306]. The position of a receiver appointed by the Court differs radically from that of a receiver appointed by debenture holders themselves by virtue of a power contained in their debentures. If the appointment is made bv the Court, the official receiver can be appointed [s. 307]. A receiver appointed by debenture holders, or by the trustees of a debenture trust deed, is an agent. Whether he is the agent of the company, or the agent of the debenture holders or trustees, as the case may be, depends upon the construction of the terms of the power under which he is appointed. Frequently, he is expressly declared to be the agent of the company, and it is provided that the company is alone to be responsible for his acts or defaults. In such a case he incurs no personal liability for his acts [Owen v. Cronk (1895), 1 Q.B. 265]. As agent of the company he has an implied power to sue in the company’s name [I'}eeler & Co. v. Warren (1928), Ch. 840]. He may, however, be the agent of the debenture holders or their trustees, either by the express terms of the provisions ander which he is appointed, or, where his status is not definitely specified, upon the construction of the provisions ander which he is appointed. Ss. 101 to 109 of the Law of Property Act, 1925, are generally incorporated, as varied by the provisions of the power, and in spite of the fact that Ss. 109 (2) of that Act provides that a receiver appointed under the Act is to be deemed the agent of the mortgagor, i.e. of the company, none the less it may often be the case that, where those sections are incorporated and varied, a receiver may be held to be the agent, not of the company, but of the debenture holders or their trustees [see Deyes v. Wood (1911), 1 K.B. 806], unless the deed itself expressly provides that the receiver shall be the agent of the company. The reason of this is that the powers of a receiver appointed Receivers. Appointed by Debenture Holders.

Access restriction

Copyright

fullscreen: Secretarial practice

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation