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seems to be better given by Mr. Bell than by any of the English authorities, where he says that, if the discovery of the expansive force of steam had been made the subject of patent, “it would have comprehended and restrained any future invention proceeding on that principle." (Com. 541.)

1902. Letters patent are granted of the patentee, "his executors, administrators, and assigns," and therefore, though bearing a tract of future time, have been held to be moveable. (Advocate-General v. Oswald (1848, 10 D. 969); Bell's Lect. p. 327; Bell's Prin. 1480, note k; Nicolson's Ersk. p. 284, note b.)

1903. Simultaneous Invention.-Where there are simultaneous applications, the decision of the claim is left to the law officer of the Crown. The rule which has been followed seems to be, that if several persons have possessed a knowledge of the invention in common, no one of them can obtain a patent. But the case is different when several persons have made the discovery at the same time, but without communicating it to each other or using it. In these circumstances, the patent will be given to the first applicant.

1904. Aid in Invention.-The claimant must be really the inventor, and must not have availed himself of the suggestions of another person. The rule as to the employment of servants is this: "If the servant make a new discovery by himself, such invention becomes his property; but if the master plans, and the servant only executes, with alterations of his own, then the master is the true inventor." (Godson, 28.) It is not unusual for letters patent to be taken in the names of two or three persons; but if it should be discovered that any one or more of these persons had no share in the discovery, the patent would be void. (Ibid.)

1905. It was formerly decided that a patent cannot be taken for Scotland if the invention has been in use in England; and international questions between the two countries are now

precluded, 15 and 16 Vict. c. 83 being applied to the whole kingdom.

CHAPTER XIV.

SECURITIES FOR DEBT.

1906. Personal Bond.-We have already mentioned (ante, pp. 359, 360), that bills and promissory notes are very frequently used as simple and economical methods of constituting personal obligations. But, where special conditions are attached to the loan, or where the money is likely to remain unpaid for a lengthened period, the personal bond which carries the long prescription of forty years must be resorted to.

1907. The bond is a simple acknowledgment of the receipt of, and obligation to repay, money lent or otherwise owing, executed with the formalities requisite in all probative writings. (Ante, pp. 213, 214.)

1908. Bonds, with a clause obliging the debtor to pay interest, unless made heritable by express destination, are moveable in questions of succession by statute 1661, c. 32; but, as rights bearing a tract of future time, they are heritable in questions between husband and wife, and with the "fisk" or exchequer (quoad fiscum).

1909. Bonds usually contain a clause imposing a penalty, in case of failure to pay, of "a fifth more," that is to say, over and above performance of the primary obligation. But whatever may be the extent of the penalty, it is liable to an equitable reduction by the Court, so as to meet the damage actually incurred. (Menzies, 196; Gordon v. Maitland, Nov. 27, 1761, M. 10050; Young v. Sinclair, May 21, 1796, M. 10053; Cowper v. Stuart, Jan. 4, 1740, M. 10044; Ramsay v. Goldie, June 22, 1826, 4 S. 737.)

1910. A bond generally contains a clause of "registration for execution." If registered, in terms of this clause, in the books of a court having jurisdiction to enforce it, execution will proceed against the person and property of the debtor, a simple extract from the record being held equivalent to a decree of consent. (Menzies, 200.)

1911. In addition to being used as securities for the payment of money, such bonds are commonly employed to constitute cautionary obligations, or to grant security for a cash credit at a bank. (Ante, pp. 410, 416.)

1912. The rate of interest payable on a personal bond, though usually five per cent., depends, since the repeal of the usury laws by 17 and 18 Vict. c. 90 (10th August 1854), wholly on the stipulation of the parties.

1913. With reference to obligations entered into before the passing of the Act, it is provided (sec. 3), that "where interest is now payable upon any contract, express or implied, for payment of the legal or current rate of interest, or where, upon any debt or sum of money, interest is now payable by any rule of law, the same rate of interest shall be recoverable as if this Act had not passed." "Legal interest," where the contrary is not specified, still means five per cent. (Smith v. Barlas, Jan. 15, 1857.)

1914. Heritable Bond.-This is a form of security on land which, in practice, has almost entirely superseded the ancient obligations of wadset, and infeftment of annual-rent. (Menzies, 797; Bell's Prin. 909; 1 Bell's Com. 671.)

1915. By this deed the borrower obliges himself to repay the sum lent, with interest and penalty; and in further security, and over and above his personal obligations, he grants to the creditor a real but redeemable right in the lands themselves, as well as in an annual-rent corresponding to the interest of the debt. 1916. There is generally a clause of registration for execution, as in the personal bond.

1917. Bond and Disposition in Security.-This form of security affords a more expeditious method of making good the debt, by giving the creditor a power or commission to sell the lands in certain circumstances. It is, in short, a complete conveyance of the lands to the debtor, redeemable on payment; the debtor being protected from advantage being taken of the power of sale thus conferred, by a clause in which the creditor is precluded from selling without warning of his intention, communicated in accordance with certain prescribed forms. This clause is strictly interpreted; and even where it is omitted, the Court will interpose to prevent the property from being surreptitiously disposed of. Neither is the creditor, even after notice, entitled to possess himself of the whole proceeds of the sale. He is merely entitled to pay himself, and must account to the debtor or his creditors for every farthing he receives beyond the sum requisite for that purpose. (Menzies, 801 and 810; Bell's Prin. 910; 1 Bell's Com. 672. See Kerr v. Macarthur, Dec. 23, 1848, 11 D. 301; Jeffrey, June 16, 1826, 4 S. 728; Dickson, Jan. 15, 1831, 9 S. 282.)

1918. Since 1661 (Act 1661, 32), personal bonds, though bearing a clause of annual-rent, have been moveable in all questions of succession, except as to the jus relict and quoad fiscum. But, throughout the whole period embraced by our law, bonds containing warrants of infeftment in favour of the grantee have been considered heritable. The result of this has often been, that people, who had in their ignorance invested their money upon land, practically disinherited their heirs in moveables, to the great advantage of the heir-at-law. The injustice of the inflexibility of this principle had been so frequently pointed out, that by the Act 31 and 32 Vict. c. 101, sec. 117, it is declared that all heritable securities shall in future be moveable, unless where by the terms of the bond executors are expressly excluded. But, as was provided by the Act of 1661, these rights are still to remain heritable as regards the rights of spouses and the fisc.

1919. Absolute Disposition with Back Bond is a form of landed security for future advances, sometimes given to bankers in security for a cash credit. (Principles, sec. 912.) It is in form an absolute conveyance of heritage; the creditor (disponee) granting the debtor (disponer) a back bond, disclosing the true character of the transaction. (Menzies, 811; 1 Bell's Com. 672.)

1920. Prior to 1845 the transmission of an heritable security could be effected only by means of a cumbrous deed, called a disposition and assignation, in which nearly the whole of the bond was narrated. And this had again to be followed by an equally prolix instrument of sasine. The Act 8 and 9 Vict. c. 31, section 1, greatly improved upon this state of matters by dispensing with the instrument of sasine, and allowing an abbreviated form of assignation, which, when recorded in the register of sasines, had the effect of infeftment in favour of the assignee. The Act 31 and 32 Vict. c. 101, sec. 124, continues this provision; and in cases where the assignation is contained in a deed dealing with other matters, provides (schedule HH) for a short notarial instrument being expede and recorded in lieu thereof. These provisions apply merely to the transference of securities inter vivos; but they may now be transferred by uny deed mortis causa, or may be left to the operation of the law of succession. If not disposed of by deed, the form of transmission will depend on whether or not executors are excluded by the terms of the security. Where the executor is excluded, the bond is to all intents heritable, and the title of the heir is (sec. 125) completed by writ of acknowledgment, registered in the register of sasines; and in such a case, if the deceased have died testate, the grantee or legatee makes up his title by notarial instrument, which, when recorded (sec. 127), has the effect of a completed sasine. Where the executor has not been excluded by the terms of the security, an executor nominate, when duly confirmed, may complete his title by writ of acknowledgment, as

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