STAFFORDSHIRE & WORCESTERSHIRE CANAL COMPANY v. SEVERN COMMISSIONERS AND OTHERS.

(1933) 47 Ll L Rep 256

CHANCERY DIVISION.

Before Mr. Justice Clauson.

Mortgage - Priorities - Mortgages of certain revenue receipts by Severn Commissioners - Ranking between mortgagees - Mortgages created under Severn Navigation Acts, 1842, 1844, 1869 and 1890-Whether charge effected by pre-1890 mortgages confined to tolls -Items in dispute: (1) Gloucester lock tolls created under Sect. 16 of the Act of 1890; (2) Rents of lands; (3) Fees receivable for licensing pleasure boats under Sect. 8 of the Severn Navigation Act, 1920; (4) Certain annual payments by electricity undertakings; and (5) Sums receivable under wayleave agreements - Whether receipts pledged to the holders of the mortgages created under the Acts of 1842 and 1844 and under the Act of 1890, or to one and not the other of those classes of mortgagees