White v Beeton
| Jurisdiction | England & Wales |
| Judgment Date | 05 June 1861 |
| Date | 05 June 1861 |
| Court | Exchequer |
English Reports Citation: 158 E.R. 385
IN THE COURTS OF EXCHEQUER AND EXCHEQUER CHAMBER
S. C. 30 L J. Ex. 373; 7 Jur. (N. S) 735, 9 W. R 751, 4 L T. 474 Referred to, Carter v. Scargill, 1875, L R. 10 Q B 568, General Billposting Company v. Atkinson, [1909] A C. 121.
[42] white i beeton June 5, 18G1 -Declaration on an agreement between the defendant of the one part, and the plarntrff and W. of the second pait, whereby in consideration of 87781 14s. to be pard on or before the Ibt July I860, in the following proportions, that i& to say, to the plaintiff for cash advanced to the Hull Loan and Discount Society, 6891. 14s., also 4801. for sixty shares held by him, and 401 for five shares belonging to him and originally held by T. ; to W 1601 for twenty shares held by him; to Q 1201 for fifteen shares held by him, the parties of the second part agreed that the entire property of the Society, and all money standing in the books to the credit of the Society, and all interest, profits, and emoluments arising therefrom should from the date of the agreement be vested and exclusively held by the defendant, and that all promissory notes, bonds, or other securities, should be given up to him on signing the agreement, and all necessary assistance for recovering any money owing on the said notes or other securities should be given by the plaintiff. The declaration alleged that Ex. Div. xiv.-13 386- WHITE V. BEETON 7 H & N 43. although all conditions precedent were fulfilled, necessary to entitle the plaintiff to a performance by the defendant of the agreement, yet he had not paid the sums of money by the agreement to be paid to the plaintiff.-Plea. That the Society was a common partnership, and the defendant entered into the contract in the declaration mentioned on the faith and in consideration of all the shares in the Society being vested in him; that neither the plaintiffs nor W. had any power or authority, nor were they ever ready, willing or able to vest in the defendant the shares of T. and G, and that T. and G. repudiated the contract, that the substantial part of the contract was that the defendant should become the owner of all the shares in the Society, so that he might carry on the business exclusively on his own account, that all the shares in the Society never vested in the defendant, whereby the consideration for his entering into the contract failed. Held, that the plea was bad, inasmuch as, the defendant having accepted performdnce of the rest of the contract and enjoyed a benefit under it, the \esting in him of all the shares in the Society was not a condition precedent to the plaintiff's right to recover. [S. C. 30 L J. Ex. 373 ; 7 Jur. (N. S ) 735, 9 W. K 751, 4 L T. 474 Keferred to, Carter v. Scargtll, 1875, L R. 10 Q B 568, Geneial Bzllposting Company v. Atkinson, [1909] A C. 121.] Declaration. That an agreement was made between the defendant and the plaintiff in the words following, that is to say "An agi cement made the .'30th day of June, A.D. 1856, between James Beeton, of &c , of the one part (meaning the above named defendant), and William White (meaning the above named plaintiff), and Wilson Whitley, both of &c , of the second part- Whereby in consideration of the sum of 87781. 14s. of lawful English money, to be paid on or before the 1st day of July, 1860, in tie following proportions, that is to sav, to Mr William White (meaning the plaintiff) for cash advanced by him to the Hull Loan and Discount Society the sum of 6981. 14s., also the sum of 4801 , being the \alue of ind m full payment for sixty shares of 81. per share, held by him in bis own name, ilso the sum of 401, being the value of five ahares of 81. each now belonging to him and oiiginally [43] held by Mr. Charles Todd, all in the said Hull Loan and Discount Society , and to Mr. William Whitley the sum of 1601., being the value and in full payment for 20 shares of 81. each held by him in the said Society, and to Mr John G-oodburne the sum of 1201., being the value of and in full payment for 15 sbaies of 81 each held by him in the saiol Society, with interest at 5 pei cent per annum in the meantime, to be paid half yearly, &c. In consideration wheieof the parties named heiein as of the second part to this agreement, do hereby covenant and agree, on account of the sums of money before named, that the entire property of and in the said Hull Loan and Discount Society, and all the sums of money now standing in the books to the ciedit of the said Society, and all the interest, profits and emoluments aiising therefiotn and now due, or to become due, shall from this day be vested in and exclusively belong to and be held by and to the uses of the said James Beeton, his heirs and assigns, and all promissory notes, bonds or other securities shall be given up to him on the signing of this agreement, and all necessaiy assistance in the lecoveiing, at law or in equity, of any sums of money owing on the said notes 01 other securities bhull be given by the said William White as heretofore. And for the securing the payment of the sum of 87781. 14s. as aforesaid and the interest that may become due thereon, the said James Beeton hereby agrees to deposit with the said William \Vhite the title deeds and conveyance of certain lots of land belonging to the said James Beetou, to remain with him until the said sum of 87781 14s. and inteiest theieou shall be fully paid. And the said William White hereby agrees that on payment to him and them of the sums of money as above by the said James Beeton, he will deliver up to the said James Beeton, or his assigns, all the said title deeds and conveyances of the said lots of fends without injury [44} done to them; and he will not in the meantime use them for any purpose but for their caie and safe keeping, according to the tiue intent and meaning of this agreement Witness our...
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