Woodhams v The Anglo-Australian and Universal Family Assurance Company
| Jurisdiction | England & Wales |
| Judgment Date | 01 January 1861 |
| Date | 01 January 1861 |
| Court | High Court of Chancery |
English Reports Citation: 66 E.R. 397
HIGH COURT OF CHANCERY
S. C. 7 Jur. (N. S.) 148; 5 L. T. 628. 10 W. R. 290.
[238] woodhams v. the anglo-australian and universal family assurance company. 1861. [S. C. 8 Jur. (K S.) 148; 5 L. T. 628; 10 W. E. 290.] A director of an insurance company indebted for calls delivered a deposit note of the company to the Plaintiff for value and without notice. Held, that the company were liable on the note, and could not set off against the Plaintiff the amount due from the director for calls. This bill was filed against the company and the provisional assignee of one E. Lacey for the purpose of obtaining a declaration that the Plaintiff, by virtue of the deposit and memorandum of the 10th of August 1857, as well as of the deed dated the llth of December 1858, became entitled to a good equitable charge for 171 on the two several sums of 119, 14s. 2d. and 114, 14s. 2d., due from the company mentioned in the deposit notes, dated the 2d of March and 18th of April 1857. The bill also asked for an account and payment by the company of the moneys which should be found due on the Plaintiffs claim, and that the residue might be paid to the Defendant, Sturgis. The bill stated that the company was formed in 1853 by a deed of settlement under the 7 & 8 Vic. c. 110, and was completely registered in the same year under 398 WOODHAMS V. THE ANGLO-AUSTRALIAN AND 3 GOT. 289. the Act. By the deed of settlement the company was authorized to receive money, by way of deposit, at interest, and to grant deposit notes in the form given below. The bill alleged that on the 22d of March 1856 Edward Lacey, of Marine Parade, Gravesend, lent and deposited with the company 119, 14s. at the rate of 6 per cent., and received a deposit note numbered 35, and bearing date on that day, duly signed and issued by three of the directors of the company, and which was in the following form :- " Anglo-Australian and Universal Family Life Assurance Company. Capital 150,000. " London Offices, 5 Cannon Street West, City. " Deposit Certificate, No. 35. "We, the undersigned directors, hereby certify that [239] the sum of 119, 14s. was this day deposited with this company, at 6 per cent, interest, for six months certain, by Edward Lacey, of Marine Parade, Gravesend, in the county of Kent, Esq., and we hereby undertake, on behalf of the said company, that the whole amount, or such part thereof as shall from time to time be demanded, shall be repaid to the said Edward Lacey, with interest at the rate aforesaid up to the date of such repayment, on the expiration of fourteen days' notice, in writing, to be given to the secretary for that purpose, such notice to expire at the termination of the said six months, or at any time thereafter. We also reserve to the company the right of returning to the said Edward Lacey the whole amount of his deposit, or any part thereof, with interest at 6 per cent, to the date of repayment, on the expiration of any notice to that effect, which shall be forwarded in writing by the secretary, provided only that no such notice shall expire prior to the termination of the said six months first named herein. Given under our hands this 22d day of March 1856. "119, 14s. " griffith taylor, "j " J. W. webstek, ^Directors. " john james eidge, J " john newton, Secretary." The bill alleged that on the 18th of April 1857 Edward Lacey deposited with the company the further sum of 114, 14s. 2d., at interest at 6 per cent., and thereupon a deposit note, numbered 53, dated the 18th of April 1857, was duly signed and issued by the said three directors in the same form as above, and expressed to be a security for repayment of the sum, with interest at the same rate. The fourth and fifth paragraphs of the bill were as follows :- [240] 4. On the 10th day of August 1857 the said Edward Lacey, being entitled to the said two sums of 119, 14s. and 114, 14s. 2d., so deposited as aforesaid, applied to and requested the Plaintiff to advance and lend him the sum of 171 upon the security of the said two deposit notes and moneys thereby secured. Before the Plaintiff agreed to make such advance he called at the offices of the said company, in Cannon Street aforesaid, and saw Mr. John Newton, the secretary of the company, and shewed him the said two deposit notes, and asked him whether the moneys mentioned therein were then in the hands of the said company, to which he replied "Yes ; and it is all right." On the faith of the answer so given by the said secretary, the Plaintiff consented to make the requested advance, and he accordingly, on the same day, paid the said sum of 171 to the said Edward Lacey, who thereupon deposited the said two deposit notes with the Plaintiff, and signed and gave to the Plaintiff the following memorandum, videlicet:- "...
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Trust Bank of Africa Ltd v Standard Bank of South Africa Ltd
...deposit receipt, per se, is not negotiable or even transferable. But in Woodhams v Anglo Australian and Universal Family Assurance Co., (1861) 3 Giff. 238, STUART, V.C., held that a deposit E receipt passed by delivery and required no assignment, and upheld a direct claim against the compan......
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Trust Bank of Africa Ltd v Standard Bank of South Africa Ltd
...deposit receipt, per se, is not negotiable or even transferable. But in Woodhams v Anglo Australian and Universal Family Assurance Co., (1861) 3 Giff. 238, STUART, V.C., held that a deposit E receipt passed by delivery and required no assignment, and upheld a direct claim against the compan......
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