Reeves v Butcher
| Jurisdiction | England & Wales |
| Judgment Date | 1891 |
| Date | 1891 |
| Year | 1891 |
| Court | Court of Appeal |
Limitations, Statute of (21 Jac. 1, c. 16, s. 3) - Cause of Action.
The plaintiff lent money to the defendant under a written agreement, which recited an agreement for a loan for five years, “subject to the power to call in the same at an earlier period in the events hereinafter mentioned.” The defendant agreed to pay interest quarterly, and the plaintiff agreed not to call in the money for five years if the defendant should regularly pay the interest. And it was provided that if the defendant should make default in payment of any quarterly payment of interest for twenty-one days the plaintiff might call in the principal. No interest was ever paid. The plaintiff commenced his action to recover the principal and interest within six years from the end of the term of five years:—
Held (affirming the decision of Day and Lawrance, JJ.), that the statute of Limitations was a good defence, for that the time began to run from the earliest time at which the plaintiff could have brought her action — i.e., twenty-one days after the first instalment of interest became due.
BY agreement, dated April 27, 1880, between the defendant and the plaintiff, reciting that the defendant had applied to the plaintiff to lend her the sum of 425l. 18s. “for a term of five years (subject to the power to call in the same at an earlier period in the events hereinafter mentioned) upon her personal security,” which the plaintiff had agreed to do upon the defendant executing the now-stating agreement, the defendant agreed with the plaintiff that she (the defendant) would “duly and regularly pay to the plaintiff interest on the said sum of 425l. 18s. from the date of the agreement at the rate of 7l. per cent. by equal quarterly payments. And the plaintiff thereby agreed with the defendant that she would not call in the said principal sum, or any part thereof, during the term of five years from the date of the agreement, if the said defendant should so long live, and should duly and regularly pay the said interest: Provided always, that in case the said defendant should die before the expiration of the said term, it shall be lawful for the said plaintiff to call in the said principal sum upon giving to the executors or administrators of the said defendant six calendar months' previous notice in writing of her intention so to do:
Provided also, that in case the...
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