In English law a
simple contract debt is situated where the debtor
resides: Att Gen v Bouwens (1838) 4 M & W 171, abridged at
p 85 of Leading DD Cases; English, Scottish and Australian Bank Ltd
v IRC [1932) AC 238.
A debt under a letter of credit has been held to be situated
in the place where it is in fact payable against documents (Power
Curber International Ltd v National Bank of Kuwait [1981] 3 A11 ER
607).
A specialty debt is situated where the instrument happens to
be (IHTM27078).
Corporation mortgages, issued by local authorities under
seal, and Northern Irish Land Bonds, are examples of specialties,
situated where the instrument is located. (Corporation mortgages
must not be confused with Corporation stock, which is far more
common and which is a registered security situated where the
register is kept.)
