Loscombe v Wintringham
| Jurisdiction | England & Wales |
| Judgment Date | 01 January 1850 |
| Date | 01 January 1850 |
| Court | High Court of Chancery |
English Reports Citation: 50 E.R. 977
ROLLS COURT
[46] loscombe v. wintringham. March 30, 1849. A. B. bound himself to pay £16,000 on the death of the survivor of himself and wife, on certain trusts, under which, on a contingency, the amount was to revert to himself. A. B., by his will, gave the £16,000, if it should revert, to trustees, on trust to pay thereout £14,000 to C., and three legacies of £500 each to charities, and " the remaining sum of £500 " to the Foundling Hospital. His wife survived him nine years, and the sum of £16,000 was invested in £25,702 3 per cents. In 1848 the contingency happened, when the fund reverted, and amounted to considerably more than £16,000. Held, that the legatees were entitled to money legacies only, and not to the whole fund. Sir Clifton Wintringham, ou the marriage of Mr. and Mrs. Clifton Wheat, in 1787, executed a bond to trustees, to secure the payment, ou the death of the survivor of himself and Lady Wintringham, of £16,000. The sum was to be held on trust for Mr. and Mrs. Clifton Wheat, for their respective lives, and subject to certain trusts for their children (which never took efl'ect), in trust to pay the same to Sir Clifton Wintringham, his executors, &c. Sir Clifton Wintringham, by his will, after disposing of his residuary estate, referred to the bond thus given by him ; and he directed, in case " the sum of money in bond as aforesaid, or any part thereof, should revert into the residuum of his estate, at any time, pursuant to the several limitations expressed in the said marriage settlement," then he gave the same trustees the said sum of £16,000, on trust to pay, or cause to be paid "thereout, the sum of £14,000 of lawful money of Great Britain, unto Clifton Loscombe, and the heirs male of his body," &c. ; "and with respect to the sum of £1000, part of the said sum of £16,000, he bequeathed £500 to the Marine Society, and £500 to the Society for the Increase and Encouragement of Good Servants. And with respect to the further sum of £500, part of the said sum of £16,000," he gave the same to Magdalen Hospital; and he proceeded: "I give and bequeath the remaining sum of £500, part of the [47] aforesaid sum of £16,000, to the governors, &c., of the Foundling Hospital." Sir Clifton Wintringham died in 1794, and Lady Wintringham in 1805. In 1807 £25,702 3 per cents., the then value of £16,000 sterling, was set apart by the Court,, and carried to a separate account, to answer the debt due on bond. The income was paid to Mrs. Wheat, the surviving tenant for life; and she having died in November 1848, this sum of stock " reverted " to the estate of Sir Clifton Wintringham, and became subject to the disposition contained in his will. A petition was now presented by Clifton Loscombe, praying payment to him of 978 LOSCOMBB V. WINTBINGHAM U BBAV. M. fourteen-sixteenths of the £25,702 3 per cents., and of the remaining two-sixteenths to the several charities. The question was, whether the legatees were entitled to £16,000 sterling, or to the whole fund, which in value was considerably more. Mr. Roupell, in support of the petition. The effect of the will is to give the whole produce of the bond and its fruit. The testator deals with the whole in portions, and expressly gives the last £500 as " the remaining sum," contemplating, therefore, the disposal of the whole. The case is similar to dispositions of policies, which carry with them any bonus. Parkes v. Bolt (9 Simons, 388; and see Courtney v. Ferrers, 1 Simons, 137). Mr. Turner and Mr. Baggallay, for the charities. That this is a gift of the whole fund, and of the produce of it, is evident from the use of the words " remaining sum of £500." The legatees take the whole amount of stock between them, in the relative propor-[48]-tions of the sums named. The investment was made at their risk, and, if the funds had fallen, they must have borne the loss...
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