The Gazette 1974

Lodgment tion with Land Commission sales, with particular refer- ence to letter of clearance from this Branch, that the following system will be put in operation immediately. 1. In compulsory acquisitions under Section 24 of the Land Act, 1923, this Branch will initiate the pro- cess for obtaining the required letter of clearance, by acting on the information supplied in the Final Lists published in the Irish Oifigiuil and writing to the soli- citor having carriage of the sale for further details (e.g., epitome of title, etc.). 2. In voluntary sales under Section 36 of the Land Act, 1923, the Examiners' Branch of the Land Commis- sion will notify this Branch as soon as the agreement for sale is executed and furnish full details of the sale including the Affidavit of Title if then available. This Branch will then take up the matter with the solicitor having carriage if further information is required. In either case, this Branch will have "early warning" of the sale, irrespective of any action taken by the solicitor in the case. It would be as well to emphasise to solicitors that it is primarily their function to set in motion, at an early stage, the machinery necessary for issue of the Estate Duty Branch letter of clearance. The new system is intended merely to obviate any delay caused by a late application for such a letter—particularly in cases where claims for death duties do arise and require to be pro- cessed. It does not in any sense imply that the solicitor having carriage is relieved of his responsibility to com- ply with the relevant requisition of the Land Commis- sion Examiner. M. K. O'CONNOR Solicitors are reminded of their duty to ensure that no loss will accrue to an infant through any unreason- able delay in dealing with Orders of the Court as to lodgment of infants' monies in Court and as to the investment of same and of funds already in Court to the credit of an in'ant. When the Court makes such an Or d er the solicitor concerned should immediately bespeak same and attend the accountant with an attested copy of the Schedule to the Or d er so that no undue delay will occur in complying with the directions of the Court. It is to be understood that in the absence of a satis- factory explanation for such delay the Court may have to consider the question of recoupment of the infant's loss by the person responsible. P. J. DUNPHY Registrar (11 Ma r ch 1974) and Investment of Infants' Monies in Court

a n c e companies, building societies and indeed is used "y solicitors among themselves without any objection e ' n g raised before now. The article in question was "nfair and unbalanced in that, having commented on the form and the bank's refusal to alter it, it omitted G state the case put by me on behalf of the bank to the Council of the Law Society in support of the document. For those who may be interested, I would offer the 'ollowing explanation in defence of the form of account- a "le receipt in question. When a bank holds title deeds from a customer as Se curity for his general obligations, the bank is entitled to regard such deeds as being available to cover the customer's entire indebtedness and not just that part of 11 as would be covered by the value of the property c °niprised in the deeds. Consequently, the bank can ret ain the deeds until the customer discharges his entire ""ligations. When, therefore, a solicitor requests a bank make title deeds available on accountable receipt, l e bank facilitates the solicitor on the basis t h a t : , 1- the solicitor will hold the deeds in trust for the bank; 2- will return them on d ema n d; and will not do or suffer anything to be done with the ee ds, the effect of which would be to prejudice, defeat ° r postpone the bank's security. The bank, in its form of accountable receipt, makes 11 ^ e a r that should the solicitor default in these under- l i n g s , he will be answerable to the bank for the ari |ount of any loss which it may incur, j It follows that if a solicitor who has taken up deeds °m the bank on accountable receipt, permits the Property to be sold without the consent of the bank or * agreement as to price or reserve, he will be answer- to the bank for the short-fall between the price r . e alised and the amount of the customer's obligations s, Lce, by selling the property without the bank's agree- [" e nt and parting with the deeds, he has deprived the ar >k of its right to retain the deeds until satisfactory a rrangements are ma de by the customer for the dis- a rge of his obligations. It should be emphasised that / s cn'v wh'm a solicitor is in default of his under- M n g that any liability arises and I believe that it be extremely rare for a solicitor to sell property, 10 dee•!;•. of vvh'c'i have bee:i taken up by him on "countable receipt from the bank without first seeking e bank's approval to the sale and its agreement on the l u cstion of price. Insofar as the article in question was intended to ntion solicitors against the signing of undertakings j 'lbout fully considering the extent of the liability j v °lved, the article was justified and worthwhile. But s °far as the article failed to publish the explanations S ven by the bank in defence of its documentation j " l c h had been criticised, it was unbalanced and mis- s i n g . I would hope that this letter would serve to lar >fy the issue. E. RORY O'CONNOR Gr oup Law Agent

" T H E I N COME T A X A C T S "

T h e S EVENTH S U P P L EME NT to the loose- leaf volume " The Income Tax Acts" has now been published—price 27£p (postage 9£p extra). T h e Supplement embodies the amendments made by the Finance Act, 1973. Available from the

Office of the Revenue Commissioners Estate Du ty Branch 72-76 St. Stephen's Green, S., Dublin 2

ft

20 Ma r ch 1974

Government Publications Sale Office, G.P.O. Arcade, Dublin 1.

w r S i r> j With reference to our discussions on the 14th instant, ls Agreed, in order to speed up procedures in connec-

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