Knightsbridge Estates Trust Ltd v. Byrne and Others
[1940] 2 All ER 401(Judgment by: Lord Atkin)
Between: Knightsbridge Estates Trust Ltd
And: Byrne and Others
Judges:
Viscount Maugham
Lord AtkinLord Wright
Lord Romer
Lord Porter
Subject References:
land
Mortgage
Mortgage by company
Principal repayable by instalments over period of 40 years
Postponement of redemption
Reasonableness of postponement
Clog on equity
Rule against perpetuities
Whether mortgage a debenture
Legislative References:
Companies Act 1929 (c 23) - s 74; s 380
Case References:
Levy v Abercorris Slate & Slate & Slab Co - (1887) 37 ChD 260; 7 Digest 31, 156; 57 LJCh 202; 58 LT 218
British India Steam Navigation Co v Inland Revenue Comrs - (1881) 7 QBD 165; 6 Digest 500, 3172; 50 LJQB 517; 44 LT 378
Lemon v Austin Friars Investment Trust Ltd - [1926] Ch 1; Digest Supp; 95 LJCh 97; 133 LT 790
Samuel v Jarrah Timber & Wood Paving Corpn Ltd - [1904] AC 323; 10 Digest 782, 4892; 73 LJCh 526; 90 LT 731; affg [1903] 2 Ch 1
Re Southern Brazilian Rio Grande do Sul Ry Co Ltd - [1905] 2 Ch 78; 10 Digest 733, 4582; 74 LJCh 392; 92 LT 598
Floyer v Lavington - (1714) 1 P Wms 268; 35 Digest 355, 984
Kreglinger v New Patagonia Meat & Cold Storage Co Ltd - [1914] AC 25; 35 Digest 241, 20; 83 LJCh 79; 109 LT 802
Lindsay v Cundy - (1876) 1 QBD 348; 42 Digest 679, 910; 45 LJQB 381; 34 LT 314; on appeal (1878) 3 App Cas 459
Ely (Dean) v Bliss - (1852) 2 De G M & G 459; 42 Digest 679, 908; 20 LTOS 35
Judgment date: 22 April 1940
Judgment by:
Lord Atkin
My Lords, I have had an opportunity of reading in advance the opinion which has just been delivered by my noble and learned friend Viscount Maugham, and also the opinion which is about to be delivered by my noble and learned friend Lord Romer. I agree with them, and I have nothing to add.