Debentures if under seal, are specialty debts, locally situated
where the document is found. So, also, are debts due from the
Crown, or under a statute, whether under seal or under hand, and
even when they are secured by registered bonds.
Most UK government securities (e.g. Treasury Loan, Exchequer
Stock, War Loan) are registered, so that their locality is
determined by the place of registration. However, some bonds issued
by the UK government (containing an express obligation to pay) are
governed by the general rule that a debt due from the Crown is a
specialty debt, situated where the document evidencing the
obligation is physically found.
In Royal Trust Co v Att Gen for Alberta [1930] AC 144, the
decision related to registered bonds of the Dominion of Canada and
their situation for the purpose of Alberta death duties.
