Coates v Coates
| Jurisdiction | England & Wales |
| Judgment Date | 14 January 1864 |
| Date | 14 January 1864 |
| Court | High Court of Chancery |
English Reports Citation: 55 E.R. 363
ROLLS COURT
S. C. 33 L. J. Ch. 448; 9 L. T. 795; 10 Jur. (N S.) 532; 12 W. R. 634. Approved, Gee v. Mahood, 1874, 23 W. R. 71.
[249] coates v. coates. Dec. 16, 1863; Jan. 14, 1864. [S. C. 33 L. J. Ch. 448; 9 L. T. 795; 10 Jur. (K S.) 532; 12 W. R. 634. Approved, Gee v. Mahood, 1874, 23 W. R. 71.] A legacy may be set off against a debt of the legatee to the testators, though such debt is barred by the Statute of Limitations. A. was indebted to B. in two sums of 1000 each, for one of which S. was surety. B. afterwards obtained from A. a life policy as a security for both debts. A. subsequently became bankrupt, and B. proved for 1500 on the two debts, and he received a dividend of 97 and a sum of 97, 10s., upon the surrender of the policy. Held, first, that by surrendering the policy the surety was not released; and, secondly, that the surety was only liable for half the debt proved, after deducting half the dividends and half the produce of the policy. In 1836 the testator, Benjamin Coates, lent John Green 1000 on the joint promissory note of John Green and William Green, payable six months after date, but William Green joined in the note as surety only. The testator afterwards, in 1838, lent John Green a further sum of 1000 on his several promissory notes. In 1839 John Green deposited with the testator a policy of assurance for 2000 upon his own life as a further security for both debts. In 1841 the testator, by a codicil to his will, bequeathed to William Green a legacy of 1000, payable out of his residuary estate six months after the death of the testator's widow. The testator died in 1843. In 1845 John Green became bankrupt, and in 184G the testator's two executrixes surrendered the policy to the Rock Office in consideration of 97, 10s. William Green stated "that he was no party to the surrender of such policy, and did not consent thereto, and was not consulted upon the subject previous to such surrender." The executrixes proved against the estate of John {jreen iti the bankruptcy for 1500, the balance due on the two notes, and they afterwards received a dividend of 97 upon their proof. The testator's widow (who was entitled to the residue for life) died in 1859, having by her will released Wil-[250]-liam Green from the payment of all interest due on the promissory notes at the time of her decease. The legacy of 1000 having become payable upon the death of the widow, the surviving executrix...
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Gee v Liddell
...an action upon the promissory note. They cited Cmrtenay v. Williams (3 Hare, 539, affirmed 15 Law J. (Chanc.) 204); Coates v. Coates (33 Beav. 249). Jan. 26. the master of the bolls [Lord Romilly]. With respect to the promissory note of 1000 given by Thomas Whitaker, I cannot, in my opinion......