Scottish Court of Session Decisions

Subject_1 DECISIONS of the LORDS OF COUNCIL AND SESSION, reported by SIR DAVID DALRYMPLE, LORD HAILES.
Subject_2 ADJUDICATION.
Subject_3 Stock of the Royal Bank of Scotland adjudgeable.

The Royal Bank of Scotland
v.
Adam Fairholm of Greenhill

Date: 13 February 1770

Click here to view a pdf copy of this documet : PDF Copy

[Faculty Collection, V. 46; Dictionary, Appendix I.; Adjudication, No. 3.]

Monboddo. Bank-stock is an incorporeal subject. The pursuers have only a right to the profits accruing to the company, and having tractum fuluri temporis. Adjudication is therefore the proper diligence. The Act of Parliament, 6th Geo. I., and the charter, speak of attachments and arrestments. Attachments must be something of the nature of arrestments. Strange, if creditors were to be debarred from every sort of diligence. Yet this is the argument for the Bank.

President. If the argument for the bank is good, every Peer ought to vest his estate in bank-stock. His person is safe by law; his stock is secure from arrestment by the charter and from adjudication by the argument for the bank.

Pitfour. I do not doubt of the power of the king to grant the charter. The clause subsists as long as a man is in life, and can transfer; but, if a man can no longer transfer, there must be another remedy. Adjudication is all that we have for a herry water-net; many subjects, not strictly heritable, may be carried by adjudication; such as the jus mariti, &c. There are declaratory adjudications known in law; because, where there is a right, there must be the means of explicating that right.

On the 13th February 1770, “The Lords found the bank-stock adjudgeable.”

Act. R. M'Queen. Alt. A. Lockhart. Reporter, Pitfour.