Northern Bank Ltd v Cooney

• Jurisdiction: Ireland
• Judgment Date: 06 March 1940
• Date: 06 March 1940
• Court: High Court

Northern Bank v. Cooney.

NORTHERN BANK, LIMITED

Plaintiff

and

PATRICK COONEY

Defendant.

Attachment of Government stock - British 3¹/₂ per cent. War Loan - Stock registered in Bank of Ireland in Dublin - Whether properly subject of attachment order - Meaning of words "Government stock" in s. 132 of Common Law Procedure Amendment Act, (Ir.) 1853 - Common Law Procedure Amendment Act (Ir.), 1853 (16 & 17 Vict. c. 113), ss. 132, 133; Rules of the Supreme Court (Ir.), 1905, Or. XLVI, r. 1.

The words "Government stock, funds or annuities," in s. 132 of the Common Law Procedure Amendment Act (Ir.), 1853, must now be read as restricted in application to stock, funds or annuities of the, Irish Government. Accordingly, British 3¹/₂ per cent. War Loan stock, although registered in the books of the Bank of Ireland in Dublin, is not "Government stock"within the meaning of this section and an attachment order cannot be made in respect of it.

It is open to the Court, on the hearing of an application to transfer portion of stock already subject to an attachment order, to discharge the original attachment order without requiring a notice of motion for such discharge to be served on the creditor.

So held by Maguire P.

Brown v. Brown, 4 K. & J. 704, applied.

Motion on Notice.

The plaintiff, being a judgment creditor of the defendant, applied to the High Court for an order that the defendant should transfer into the name of the County Registrar of Cavan portion of a sum of 3¹/₂ per cent. British War Loan, standing in the defendant's name in the books of the Bank of Ireland and attached by a prior order of the High Court made in the same matter.

The facts were as follows:—On the 27th October, 1939, the plaintiff obtained judgment in the High Court for £328 16s. 4d. and £23 0s. 10d. costs against the defendant on foot of a guarantee. The defendant was possessed of the sum of £2,600 3¹/₂ per cent. War Loan, standing in his name in the books of the Bank of Ireland in Dublin. The plaintiff, having failed to levy execution out of the goods of the defendant, applied ex parte to the High Court (O'Byrne J.) and obtained an order, dated the 21st December, 1939, that the said sum of War Loan and all dividends thereon be "attached to answer the said debt and interest thereon until further order." On the 17th January, 1940, the plaintiff served notice on the defendant and on the Bank of Ireland that an application would be made on behalf of the plaintiff to the High Court on the 23rd February, 1940, or on the first opportunity thereafter,"for an order that the defendant do, within such time as to the Court shall seem meet, transfer into the name of John P. Dowd, Esquire, County Registrar of Cavan, so much of the sum of £2,600 3¹/₂ per cent. War Loan . . . standing in his name in the books of the Governor and Company of the Bank...