Macleod v Annesley
| Jurisdiction | England & Wales |
| Judgment Date | 24 March 1853 |
| Date | 24 March 1853 |
| Court | High Court of Chancery |
English Reports Citation: 51 E.R. 912
ROLLS COURT
S. C. 22 L. J. Ch. 633; 17 Jur. 608; 1 W. R. 250. See In re Olive, 1886, 34 Ch. D. 72.
[600] macleod v. annesley. March 14, 15, 24, 1853. [S. C. 22 L. J. Ch. 633 ; 17 Jur. 608 ; 1 W. E. 250. See In re Olive, 1886, 34 Ch. D. 72.] A power to invest trust monies on real security in Ireland authorizes a loan on leaseholds for lives, perpetually renewable at a head rent. The general understanding is, that a trustee should only lend to the extent of two-thirda of the value on agricultural freeholds, and to the extent of one-half on freehold houses. Semble, also, that one-half is the limit in the case of a leasehold renewable for ever at a large head rent. Trustee made liable for a loss on a mortgage investment, he not having taken due precautions to ascertain the value of the property mortgaged. Incumbraneer pendante lite held not an indispensable party to a suit to recover the fund. By the settlement made on the marriage of Norman Macleod with Lady Hester A. Annesley, in 1801, a sum of £10,000, Irish currency, was assigned to trustees, upon trust for Lady Hester for life, with remainder to Norman Macleod for life, with remainder to their children, as she should appoint, &c. [601] The deed provided that it should be lawful for the trustees to lend the trust monies to Viscount Valentia, " at interest, on the security of any freehold, leasehold or copyhold messuages, lands or other hereditaments, of competent value, in any part of England or Ireland, and also that it should and might be lawful for the trustees," in case the. sum of £10,000, or any part thereof, should riot be advanced to Viscount Valentia, to lay out and invest the £10,000 in their or his name or names, in the public funds of the United Kingdom of Great Britain and Ireland, or upon Government or real security in England, Ireland, Scotland or Wales," but with 18BEAV.8M. MACLEOD V. ANNESLEY 913 the approbation and consent in writing of Lady Hester and Norman Macleod, if living, On the 15th of May 1843 the Defendant Arthur Annesley (being then the sole trustee), advanced the sum of £7320, part of the trust monies, upon mortgage of estates in Ireland, which were held for lives at a rent of £421, 12s. lid. with a covenant for perpetual renewal, on payment of a peppercorn. Interest was reserved at 6 per cent., to be reduced to 5£ if paid within a month. The gross rental of the estate was about £923, but it was subject to the head rent, a rent charge, quit rent and poor rates, which left a surplus of about £430 only. Norman Macleod died in 1836, and Lady Hester in 1844. They had four children, viz., the Plaintiff Lucy, and the Defendants Arthur, John and Edward. Under an appointment duly executed, the Plaintiff was entitled to £4334, part of the trust fund, and her brothers, Arthur, John and Edward, to the residue. Scarcely any interest had ever been...
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