Re Bright's Trusts
| Jurisdiction | England & Wales |
| Judgment Date | 29 February 1856 |
| Date | 29 February 1856 |
| Court | High Court of Chancery |
English Reports Citation: 52 E.R. 925
ROLLS COURT
S. C. 25 L. J. Ch. 449; 2 Jur. (N. S.) 300; 4 W. R. 381.
[430] Be bright's trusts. Feb. 25, 26, 29, 1856. [S. C. 25 L. J. Ch. 449; 2 Jur. (N. S.) 300; 4 W. R. 381.] Where two charges on a chose in action are contained in one deed, and a notice is given to the trustees which specifies one only, the trustees have not constructive 92(5 re height's trusts 21 beav. 431. notice of the contents of the deed, so that notice of both the charges is to be imputed to them. A., having a contingent reversionary interest in a fund vested in trustees, sold and assigned a portion of it to B. The assignment contained a covenant on the part of A. to insure his life against the contingency, and to pay the premiums, and, in default, to charge the fund therewith. B. gave the trustees notice of the deed so far as related to the purchase only, but not as regarded the charge for the insurance. Held, that, as to subsequent incumbrancers on the fund who had given due notice, B. had priority to the extent only of his purchase, and not in respect of the charge for insurance. Under the will of the testator, Mr. Bright, on the decease of Mary Bright, would, if then living, become entitled to one-fourth of the residuary estate, consisting of 5910 consols and 6630, 5s. Eeduced. By an indenture, dated the 14th of March 1838, Mr. Bright, in consideration of 450, assigned to Dr. Kennedy so much of his one-fourth of the residuary personal estate as should, on the day of such share vesting in Mr. Bright, be equal to the sum of 923, 3s. sterling. And Mr. Bright thereby covenanted with Dr. Kennedy to insure, in the name and for the use of Dr. Kennedy, the sum of 950, to be paid to Dr. Kennedy in the event of the death of him, Mr. Bright, in the [431] lifetime of Mary Bright, and to pay the premiums necessary for keeping the policy on foot; and that in case Mr. Bright should neglect to pay such premiums regularly, it should be lawful for Dr. Kennedy to pay the same, and Mr. Bright would repay the amount, with interest, and in default, that the amount thereof should be a charge upon the one-fourth share of the residuary personal estate, and the same was thereby charged with the payment thereof accordingly. On the 24th March 1838 Dr. Kennedy gave notice to the trustees of the fund of so much of the security as related to the purchase of 923, 3s. sterling, but no reference was made, in such notice, to the covenant. The notice required the trustees to pay to Dr. Kennedy on the decease of...
To continue reading
Request your trial