THE MAYOR ETC., OF THE CITY OF FITZROY v. THE NATIONAL BANK OF AUSTRALASIA LIMITED

16 VLR 342·Supreme Court of Victoria (Full Court)
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16 VLR 342
16 VLR 342
THE MAYOR ETC., OF THE CITY OF FITZROY v. THE NATIONAL BANK OF AUSTRALASIA LIMITED Supreme Court of Victoria (Full Court)
HIGINBOTHAM, C.J., WILLIAMS, and WEBB, JJ. May 16, 19, 20 May 1890 "Local Government Act 1874" (No. 506), ss. 308, 309, 310, 312, and 324 — Debentures, "issue" of — Negotiable instruments — First delivery — Deposit in bank — Negligence of bank — Stolen debentures — Bon fide holder for value — Estoppel — Negligence of agent — Bankers' gratuitous bailee — Gross negligence, evidence of — Custody of documents .

The term "issued," as it occurs in the "Local Government Act 1874" (No. 506), part xiii., in connection with municipal debentures, bears an equivalent meaning to that which it bears in the law relating to other negotiable instruments/viz., the first delivery or transfer of possession, actual or constructive, of the instrument complete in form to a person taking it as a holder.

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