Company mortgaged certain leasehold properties to
mortgagees, subject to proviso for redemption.
Company wound up.
Liquidator considered equity of redemption to be of no
value and did not surrender it to anyone.
Rents then increased in value and equity of redemption
became of value.
Crown claimed it is bona vacantia.
Mortgagees claimed they were entitled to retain the
property free from any right to redeem.
Court of Appeal held that doctrine of bona vacantia
extended to leaseholds.
Equity of redemption passed to Crown.