Hennings v Rothschild
| Jurisdiction | England & Wales |
| Judgment Date | 02 July 1827 |
| Date | 02 July 1827 |
| Court | Court of Common Pleas |
English Reports Citation: 130 E.R. 789
IN THE COURT OF COMMON PLEAS, AND OTHER COURTS
S.C. 12 Moore, 559; 5 L. J. C. P. (O. S.) 182. Reversed in Error, 9 B. & C. 470; 109 E. R. 175.
hbnnings . rothschild. July 2, 1827. [S. C. 12 Moore, 559; 5 L. J. C. P. (O. S.) 182. Reversed in Error, 9 B. & C. 470; 109 E. R. 175.] Defendant, a loan-contractor, delivered to L. certain scrip receipts, purporting that L. had paid him 10 per cent, deposit in respect of a certain amount of Neapolitan stock, and entitling the bearer to certificates for that amount of stock, upon his paying the balance February 1, 1823 ; but there was no stipulation that the deposits should be forfeited in case of nonpayment of the balance. L. forthwith transferred the receipts to Plaintiff for valuable consideration. Defendant then, by public advertisement, offered the holders of these receipts, upon certain conditions, an extension of time for payment of the balance due on them, requiring also that the receipts should be left at his office, for the purpose of being marked as holden under the new conditions. The receipts transferred by L. to the Plaintiff were by him, accordingly, sent to the Defendant's office, where they were indorsed by the Defendant with the Plaintiff's name. The Plaintiff and others having failed to comply with the new conditions, the Defendant refused to deliver the certificates or to return the deposits : Held, that the Plaintiff might, in an action for money had and received, recover of the Defendant the amount of the deposits paid by L. This was an action for money had and received by the Defendant to the use of the Plaintiff. The declaration contained also counts for money lent, money paid, and upon an account stated. Plea, non-assumpsit. The jury found a verdict for the Plaintiff, for 12351. Is. 9d., subject to the opinion of the Court upon a case, which stated in substance That the Defendant, on the 14th day of October 1822, made and signed six receipts in the words and figures following : " Neapolitan Loan by N. M. Rothschild, contracted by C. M. de Rothschild. " Neapolitan five per cent, certificates, No. 433, with interest from the 1st July 1822: " Received one hundred and thirty-seven pounds four shillings and eight-pence, being ten per cent, on [316] ducats 500, Neapolitan rentes : On payment of the balance on or before the 1st February 1823, with four per cent, interest thereon from the 15th October 1822, the bearer will be entitled to certificates for that amount of stock with interest coupons from the 1st July 1822. a. d. "Ducata 500, rentes at 80 per cent.; exchange, fr. 4-40 per ducat, and fr. 25,65 per stg. . . . 1372 6 5 10 per cent, deposit . . . . . . 137 4 8 Balance to pay the 1st February 1823, with 4 per cent. - interest from 15th October 1822 . . . 1235 1 9 "Entered, C. H. Thiel, "J. S. Thompson. "London, 14th Octr. 1822, "N. M. rothschild." (The other five were in the same form.) 790 HENNINGS V. ROTHSCHILD 4 BING. 317. That upon these several receipts the Defendant, on the 14th day of October 1822, received from one Lowe the sum of 12351. Is. 9d., and delivered the receipts to Lowe : That the receipts came into the possession of the Plaintiff in manner following:- The Plaintiff had advanced 16001. to Lowe, on the 2d November 1822, on the credit of the receipts, on which day the receipts were delivered by him to the Plaintiff; and on the 3d December 1822, the account was settled by the Plaintiff taking the receipts in part payment at the rate of 77J per cent., and the Plaintiff thereupon became the bolder of such receipts for his own benefit: That the Defendant, on the 14th and 15th days of January 1823, caused the following notice and adver-[317]-tisement to be inserted in a public newspaper called the Times, of which the Plaintiff then had notice : "Neapolitan Loan of 1822. "Mr. N. M. Rothschild begs to notify to the holders of the deposit-receipts of this loan, that the parties may either pay them in full on 1st February next, according to agreement, or that thia period may be extended at their option, on the condition of a further payment of 10 per cent, on the stock being made on the 1st February nexb, with the interest due on the receipts up to that day, 10 per cent, on do. on the 1st March next, 20 per cent, on do. on the 15th April next, 10 per cent, on do. on the 15th May next, and the remainder on the 15th July next, with interest at the rate of 4 per cent, from the 1st of February, payable as these amounts become due. At the time the foregoing payments are made, the parties will be allowed to receive bonds equivalent to the amount paid, or as yearly so as the case will admit. Those persons who intend availing themselves of the extension here granted, are desired to leave their receipts at Mr. Rothschild's counting-house any day between the 20th and 25th instant, in order that the same may be duly marked, and other receipts prepared for delivery on the 1st February. "New Court, London, llth February 1823." That in consequence of the before-mentioned advertisement, the Plaintiff caused the following note to be sent to Defendant, which was received by him: "21st January 1823. "N. M. Rothichild, Esq. "Sir,-I beg leave to hand you inclosed six ten per cent, scrip certificates of the Neapolitan loan, amounting, [318] as per specification at foot, to 4500 ducats rentes, on the capital of which, 12,3501. 17a. 6d., I wish to avail myself of your offer to pay on lat February 10 per cent, only, and I request, therefore, that you will have the goodness to cause the certificates to be prepared to that effect. " C. F. hennings." That the six several receipts were left at the Defendant's counting-house on the same 21st January, in order to get them marked : That they were on the following day respectively marked by the clerk of the Defendant, and by his authority, pursuant to the notice and advertisement of the llth January 1823, with the following words thereon, "4500 ducats per C. F. Henniiiga," and the receipts so marked were re-delivered by the Defendant to the Plaintiff: That the following advertisement was inserted by the Defendant in the public newspaper called the Times, published on the 24th of January 1823,- "Neapolitan Loan of 1822. "At the request of several of the holders of the Neapolitan scrip receipts, a further extension for the payment of the balances will be granted by Mr. N. M. Rothschild as follows: viz. 5 per cent, to be paid on 1st February next, with interest due on the receipts up to that day; 5 per cent, on do. on. the lat March next; 10 per cent, on do. on the 15th April next; 10 per cent, on do, on the 15th May next; 10 per cent, on do. on the 15th June next; 10 per cent, on do. on the 15th July next; and the balance on the 15th August next, with interest at the rate of 4 per cent, from 1st February, payable as these amounts become due : 4BING.319. HENNTNGS V. ROTHSCHILD 791 [319] "The parties who intend availing themselves of this arrangement, will leave their receipts at Mr. Rothschild's counting-house, as pointed out in his advertisement of the llth instant, in order that new scrip receipts of corresponding amount may be prepared for delivery on the 1st of February next. "New Court, London, 23d January 1823." The following on the 5th of February 1823,- "Neapolitan Loan of 1822. " Many of the holders of Neapolitan deposit receipts having failed to comply with the tenor of those engagements, by which the parties were required to pay the balances thereof on the 1st of February 1823, with...
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