Wilkinson v Myer
| Jurisdiction | England & Wales |
| Judgment Date | 01 January 1795 |
| Date | 01 January 1795 |
| Court | Court of the King's Bench |
English Reports Citation: 93 E.R. 716
COURTS OF CHANCERY, KING'S BENCH, COMMON PLEAS AND EXCHEQUER
wilkinson vers. myek. What is a good registry of a South-Sea contract. L. Raym. 1250. 8 Mod. 232, S. C. In an action of covenant on a South-Sea contract the defendant pleaded, that the contract was never duly registered according to the late Act of Parliament; and upon the trial of that issue a case was made for the opinion of the Court. That the contract was by indenture set out (in hiec verba) whereby the plaintiff in consideration of 14361. 10s. to be paid by the defendant, doth covenant to transfer to him all such stock, bonds and money, as the South-Sea Company shall allow on the account of 12771. Is. 6d. lottery annuities then lately subscribed into the stock by and in the name of the plaintiff: in consideration of which the defendant covenants to accept the produce of such annuities, and to pay for the same 14361. 10s. at the same time: that this contract was entered in the books of the South-Sea Company in hsec verba, under which the plaintiff subscribed these words, This is for my proper use and benefit; and then signed his name Philip Wilkinson. That no evidence was offered that the contract was made for the use and benefit of any person besides the plaintiff, nor that [586] the contract was made for the use and benefit of the plaintiff only. And a verdict was given for the plaintiff, subject to the opinion of the Court upon this case. Strange pro quer'. The question is, whether this contract be duly registered, according to the direction of the late Act of Parliament. I shall offer my reasons in support of this registry; and since this is like to be a leading case, and that many thousands of contracts are to stand or fall by the event of this question, I shall state the clause at large, because I apprehend it will be material. The Act of Parliament upon which this question arises is the only Act that passed in a session held for that purpose at the latter end of the seventh year of His Majesty's reign; and after some other provisions for restoring the publick credit, which then greatly suffered by the mismanagement of the South-Sea directors, it comes to the case of contracts between private persons, and takes notice of the necessity there was, to make some regulations or orders touching contracts for the sale or purchase of subscription or stock, for preventing a multiplicity of vexatious and doubtful suits in law or equity concerning the same, and therefore it enacts, " That every contract for the sale or purchase of subscriptions or stock, which shall be unperformed and not compounded before such a time, or an abstract or memorial thereof, signed by the party interested therein, and who shall be minded to take advantage of the same, shall be entered and registered in books, which the respective companies are required to prepare for that purpose: and in default of such entry or register every such contract, as to so much as shall remain unperformed or not compounded, shall be void." And then it follows, " That such entries shall express...
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