Atkinson's Trust Estate, and of 10 & 11 Vict. c. 96
| Jurisdiction | England & Wales |
| Judgment Date | 12 July 1851 |
| Date | 12 July 1851 |
| Court | High Court of Chancery |
English Reports Citation: 64 E.R. 951
HIGH COURT OF CHANCERY
Affirmed, 2 De G. M. & G. 140; 42 E. R. 824 (with note).
[548] In the Matter of atkinson's trust estate, and of 10 & 11 vict. c. 96. [Affirmed, 2 De G-. M. & G, 140 ; 42 E. K. 824 (with note).] In 1835 A. purchased for value from B. his share of an equitable reversionary fund in the hands of trustees, and gave notice to the trustees. A. had no notice of any previous incumbrance. B. had been insolvent in 1830 and 1834, of which A. and 952 in re atkinson's trust estate 4DEG.&SM.M?. the trustees had no notice. Held, that A. was entitled to the fund against the assignee under the insolvency. This was a petition for payment of a fund, consisting of 895, 19s. lOd. 3 per cent, consols, out of Court. Agnes Atkinson (who died in the year 1821), by her will, made in 1814, gave a legacy of 700 to her three executors, upon trust to invest it, and to pay the income to Ann Argles, widow, for her life; and on her death the testatrix directed the fund to be divided among all the children of Ann Argles who should then be living. The tenant for life died in January 1851, leaving three children surviving her, who had all previously sold their shares; and in respect of the share of one of them, named Alfred Argles, the question before the Court arose. In the year 1835 Alfred Argles, by deed for a valuable consideration, assigned all his interest in the legacy to one of the Petitioners, Mr. John Eiehard Cook, who immediately gave notice to the trustees of the fund of the assignment to him. In the year 1848 the surviving executor paid the fund into Court under the Trustees Eelief Act on the usual affidavit, in the schedule to which he stated the several assignments affecting the fund of which he had received notice, and, among them, that from Mr. Argles to Mr. Cook. On serving the petition on the executors of the surviving executor (who had lately died), Mr. Cook was informed that it had been ascertained that, previous to the assignment to him, Alfred Argles had been twice insolvent, once in the year 1830, and again in 1834; and the provisional assignee was accordingly served with the petition, and appeared and claimed Mr. Argles' share of the fund as having passed to him under the insolvency. Mr. Cook made an affidavit that, at the time of his purchase, [549] he did not know, and had received no notice, directly or indirectly, of the insolvency...
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Re Barr's Trusts
...[222] Precisely the same question arose in reference to the Act for the Relief of Insolvent Debtors (7 Geo. 4, c. 57), in Re Atkinson (4 De G. & Sm. 548; S. C. on appeal, 2 De G-. M. & G-. 140),|where Lord St. Leonards held that an assignee for value of an equitable interest, giving notice,......