Lang v Smyth
| Jurisdiction | England & Wales |
| Judgment Date | 24 January 1831 |
| Date | 24 January 1831 |
| Court | Court of Common Pleas |
English Reports Citation: 131 E.R. 109
COURT OF COMMON PLEAS
S. C. 5 Moo. & P. 78; 9 L. J. C. P. (O. S.) 91. Dictum adopted, Goodwin v. Robarts, 1875-76, L. R. 10 Ex. 345; 1 App. Cas. 496. Applied, Picker v. London and County Banking Company, 1887, 18 Q. B. D. 518.
[284] lang v. smyth. Jan. 24, 1831. [S. C. 5 Moo. & P. 78; 9 L. J. C. P. (0. S.) 91. Dictum adopted, Goodwin v. Robarts, 1875-76, L. E. 10 Ex. 345 ; 1 App. Gas. 496. Applied, Picker v. London and County Banking Company, 1887, 18 Q. B. D. 518.] Plaintiff placed in the hands of his agent Neapolitan bonds, with coupons or receipts for half-yearly interest payable to the bearer of the coupon: the coupon referred to a certificate which gave the holder the option of converting his bonds into funded debt: the interest was paid to holder of the coupon without production of the certificate, but the bonds were never sold in the market without the certificate: Plaintiff kept the certificates in his own hands, but his agent, without authority, and fraudulently, pledged the bonds to Defendant as a security for a debt: Held, that it was correctly left to the jury to determine whether these instruments passed by delivery, and whether Defendant had acted with due caution in receiving the coupons without requiring the certificate: the jury having found both questions in the negative, the Court refused to set aside a verdict for Plaintiff. Debt for money had and received to the use of the Plaintiff, with counts in detinue for certain Neapolitan bonds or certifieats de rente. The Neapolitan Government raised money by issuing certain obligations called Bordereaux, with coupons in the following form :- "Bordereau of fourteen coupons of rentes. "A. belonging to the certificate No. 14549 of the administration of Naples. "Receipt for fourteen coupons of rentes belonging to certificate No. 14549. "There shall be delivered to bearer against the present receipt, after that the coupons hereto annexed shall have become due up to the 1st July 1833, fourteen new coupons of rente for the successive periods of payment, for the amount of twelve 110 LANG V. SMYTH 7BING.285. ducats and fifty grains, inscribed in the great book of the kingdom of the Two Sicilies, under the names of our administration. Naples, the 1st of July 1826. "(Signed) falconnet and Co. "M. No. 403. " (Signed) meurin ppr. "A. No. 2. "(Signed) sattnello." [285] " Coupon, for twelve ducats and fifty grains of rente for the half year, expiring 1st July 1833, belonging to the certificate No. 14549, for twenty-five dueats of annual rente, inscribed in the name of our administration. This coupon is payable at Naples against the bearer's receipt, after recovery of the same half-year on our cumulative. "Inscription, No. 283. Naples, the 1st July 1826. "M. No. 5642. "A. N. 2. " For the administration, " (Signed) FALCONNET." " Coupon for twelve ducats and fifty grains of rente for the half year, due 1st January 1833, belonging to the certificate of No. 14549, for twenty-five ducats of annual rente inscribed in the name of our administration. This coupon is payable at Naples against the bearer's receipt, after recovery of the same half-year on our cumulative. "Inscription, No. 283. Naples, the 1st July 1826. "A. No. 2. M. No. 5461. "For the administration. "(Signed) faloonnet, and Co." Fourteen of these coupons, or receipts for half-yearly payments of interest, for fourteen half-years successively from the date of the bordereau, were set out in succession on the same sheet as the bordereau; one of them was cut off and given up to the Neapolitan government upon the receipt of each half-yearly payment, arid when the whole fourteen were exhausted, upon the production of the bordereau at the head of them, the holder received a new bordereau with fourteen new coupons. The holder of the original bordereau also received with it a certificate in the following form:- [286] " Administration of the rentes of the kingdom of the Two Sicilies. A. ducats 25. Certificate No. 14549, ducats 25, at the rate of 4-40 livres. 110 of annual rente, to commence from the 1st of January 1818, good for twenty-five ducats inscribed in the great book of the kingdom of the Two Sicilies, in the joint names of M. M. Jean Lewis Falepnnet, Jean Sowillo, Charles Lowis Eoulet, J. Bte. Bourgingnon, Achille Mewrieoffre, Chas. Bonnette, under the number of the order of payment 283. "To the bearer: " The proprietor will always have the power of converting the annuity of twenty-five ducats specified in this obligation, into inscriptions in the great book of this kingdom in his own name, or in the name of his nominees, upon causing this document to be presented to the administration by some person known at Naples; together with the orders for interest not due, and the receipt for procuring new orders after the payment of those first issued, and complying with the mode of transfer in use, at the direction of the great book of this kingdom. Made at Naples the 17th of January 1818. Falconnet and Co., Mewrieoffre, Sowillo, and Co., J. Bte. Bourgingnon. N. B. There have been delivered with this certificate six orders for dividends, the last of which is payable the 1-st of January 1821, as well as a receipt for obtaining six new orders...
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