Tucker v Wilson
| Jurisdiction | England & Wales |
| Judgment Date | 01 January 1714 |
| Date | 01 January 1714 |
| Court | High Court of Chancery |
English Reports Citation: 24 E.R. 379
LORD CHANCELLOR HARCOURT.
See Deverges v. Sandeman, [1902] 1 Ch. 589.
START Case 59.-tucker versus wilson. [1714.] '^ò'*^ Lord Chancellor Harcourt. [See Deverges v. Sandeman, [1902] 1 Ch. 589.] 15 Vin. Ab. 476, pi. 7 ; 2 Eq. Ca. Ab. 597, pi. 14, 608, pi. 3 ; 1 Bro. P. C. 494 [2nd ed. 5 Bro. P. C. 193]. Exchequer annuities mortgaged may be sold upon notice, without a foreclosure.(l) One possessed of an exchequer annuity for ninety-nine years, borrowed money upon it; and for securing this money there was an absolute transfer of the annuity, but with a defeasance, that if the money were paid at such a day, the assignment should be void. The money was not paid at the day ; upon which the lender frequently desired the money, and gave notice that he would sell, and appointing a time for that purpose, desired the borrower to be present to see that the annuity was sold at the full value. The borrower, by letter, desired that the lender would stay a week longer before he sold, which was also complied with; and then the lender dying suddenly,(2) the defendant, his administrator, sold the annuity at the exchange, by a sworn broker, for the full value that those annuities then sold for, and which was less than what the money due to the defendant amounted unto. These annuities afterwards rose in value ; whereupon the mortgagor brought a bill to redeem, or to compel the defendant to purchase another annuity on the same fund, and [262] of the same yearly value, to be transferred to the mortgagor, on his payment of principal and interest. Lord Chancellor : Here is no express power to sell; and annuities for ninety-nine years are like rent-charges out of lands, and not like stocks, which may be thought to be of imaginary value ; and there being no decree for foreclosing the mortgagor, nor any agreement in writing^ that the mortgagee should sell; let the defendant procure an annuity of the like value, and upon the same fund, to be conveyed to the 380 done's case i p. wms. zw. plaintiff upon his payment of the principal and interest to the defendant; and let the master compute what is due for...
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...a mortgage of a chattel, at all events in the case of a mortgage of stock or shares. ... I think it is settled law - vide Tucker v Wilson 1 P. Wms. 261 that the mortgagees have a power of sale, provided that a reasonable time has elapsed after notice requiring payment. [emphasis added] 96 I......
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Smart and Another v Sandars and Others
...the case of Pothonier v. Dawson (a) 2 Law Reporter, 46, for June, 1839. See also 3 Chitt. on Com. and Manuf. 551. (c) Tucker v. Wilson, 1 P. Wms, 261: Lock-wood v. Ewer, 9 Mod. 278, 2 Atk. 303. 158 SMART V. SANDARS 3 C. B. 393. is treated by Story and by Smith, is the true principle upon wh......
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State Bank of India Singapore v Rainforest Trading Ltd and another
...a mortgage of a chattel, at all events in the case of a mortgage of stock or shares. ... I think it is settled law – vide Tucker v Wilson 1 P. Wms. 261 that the mortgagees have a power of sale, provided that a reasonable time has elapsed after notice requiring payment. [emphasis added] In d......
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Pigot v Cubley
...a lien, nothing is supposed to be given but a right of retention or detainer, unless under special circumstances." In Tucker v. Wilson, 1 P. Wms. 261, where ;m Exchequer annuity [705] had been assigned for securing a loan, with a defeazance that, if the money were paid at such a day, the as......