The Express.
London, England, 1855-01-01 00:00:00

TI numeral or mime. Ain mat.

ihalimlaspl was maths* of Ftiobuy, and bad boa
a Inman of the Ease ani Wei Lila dtr= OttleFes7 met
af the Mustier Fire IneraremeezW. • petition kW
Mon by lie. Whey sillessead le the
presiated W oawrin its OW lailsikalin, sit twit tho Illiow
log fasts :—ls Aged, ISM, Mm Illikaila stionsed In the
issasspt_Uool., lailag so wend* WMad hr 4,00111.,
MI aa isisature ad thir mow date (14th *pre, 1846) by
baahrept sawed to assign to Mr. Little:tale
ond West Ildla Desk /Wok as& LOOK Impalas!
Company's Meek, with tho nes•l mow of
solo to rho petitioner, la ths event of ainaysimat of
golulpal or *Wrest after a msath's maw. The bankrupt
at the time of executing that ideate» was • director of
balk impalas. No mem st the transfer was given to
abhor eampeay awaiting& el Juno Met; and on the 14th
dila{ moth the Makaspe ahead a deslarsties of Wool-
ism wit was made bankrupt. This was dew is
=1:of a consultation as to the state of his affairs be.
Isessolialler, Mr. Preshield, the solicitor of the peti-
tioner. Mid suers, whoa it wee swilved that than was no
othoo Mir of Ms aillis .ist is the Court
Ikaherphy. Um IS anima list tho of
seas Imperial i..r.W.psy woe sot sgressMd by
stock, bad by shares of OM each, on width hid been
paid ap—oth of which shares were bad by the bankrupt ;
mad be desired kMs alldwit that this was the interest
which ke meant to Omar. TM petition prayed that Mr.
Lietledaltemight be declined 'mortgagee of the 2,0001. dock
stook sod ortho go insurance company's @bares ; that an
.serest might is taken of the principal and interest due to
Mu ; that in order might be mode for the sale of the stock
aad shine, sad the prase& applied to the payees% of his
debt ma latioml,—ft striae to be phi over to the wig.
sus. Ms issillia thissiso anew, whether this wain.
mast ea egrammt to limider—no treader baying aoly
been suede rata 11* Mod June hat—was saficisat to son-
stint* an egulloblewali
sad
use lens sognodrty . Bayley he the palish,
sad Mr. Cohillgohr the assignoss.
His Hastreassesorir pony jedipowl. Ide observed that the
wails& was Vidaviti of
Mr. Pima, Kr.
LittledsKiall .Peorillibl. TM latter diselesnl mad
important IMO. It omen. that Mr. Bieskield woo ass-
salted at the sad id 3W or the Maisie et due, by Mr.
Pismo sod hat !dank as to the -state 0 hat affairs. Mr.
Pismo iris lima used ha 2,0001., and owed other hems
debts blood bit eases of payment ; it had, therefore, is
be decided wlsetbso his Mead would assist bins or be should
declare himself a baakrupt. Therefore, bankruptcy was
then esatempleted boyend all queues—was indent inevit-
able, unless Ids Moods sense forward to help him. Mr.
Littledele boa not this given notice of the transfer of the
stock and *wee ; and, though Mr. Piers' was on the very
threshold et that oar, do wished to dater doing so. Why ?
In order that tie bankrupt might solsia his position as a
director of the esupeales, which ha add not have done
had notice of the assignment Men given. That clearly
showed what wee be inseatimi owl design of not taking
any step whatever tourvionei, upon the assignment. It
was to enable Mr. Flares to go on occupying a posi-
tion to which, if the assignment were a valid
we, he had no right whatever—that of director of these
important companies, and the to hold himself forth to the
world as sloth= with the character of a director, and of
course a lug. proprietor. It was decided at the ranting
that it was not possible to avoid bankruptcy, and in a few
days a declaration of Insolvency was signed. It had been
contended, on the part of the Itillignelle, that this agreement
resolved itself into a taus covenant by the bankrupt to as-
sure, transfer, and mina ; but that, as nothing actually
passed, it was invalid both in law and equity; that bank-
ruptcy having Intervened, there was of course no remedy in
a court of law ; and that a court of equity would not, and
ought an to. Interfere to assist a pare= under such dream•
stases*, sad to decree specific performance of the contract.
Thh was set an equitable mortgage. Aa equitable mort-
mmwhome something was actually transferred, as by
diode, or so on. The courts very much con-
deinas od ' doctrine of equitable mortgage; and Lord
Elden aol solo sad again expressed his regret at the lati-
tude given is that doctrine. But it would be a total
misapplied= and an unwarrantable extension of
that auras to say, that a sure agreement
to ase4n sad traashr sinething, when no pledge or trans-
fer took plea, was ea equitable mortgage. The principle,
as laid down in "Bs puts Modem= " (4 Deacon and
Ch., 761), was this, that whin a party covenanted to do •
thing, it he hod received • pod swelderation for it, a court
of equity would, ender eigteimehlelleleSemes‘ecompel him to
do what he ought in sessihmes as/ Mahe to do. But this
doctrine was of very ntodent introduction ; for all the
older cuss showed that • wart of equity would not decree
cramparhniaase la tbs sess of a mere skattel interest.
Ms _.ti— vs* wheat" as dosamstauss of
this owe were web as wield Wass a mut of equity to
Nat tha petalsoar, Mr. Markle, by deara • spoils
prism nos dal Maloost as against the Oisos, on the
semi that it was alined into by Mr. Pine wban ha was
solvent many yowl lOW But it was watinfti by Kr.
Coleridge that
_tbh was sogroomeat expressly scattimow
leg *sadoi Uosallosvms tho psovisios of the oats by
which di 1111=ildie were mgu ass., and to render these
provisions...tory. Thaw lON regaled certain form to
be goes dirougb with res to the transfer of stock; they
also pamided that the ftssion must be proprietors of so
muck *Nit in their own tight, and not as trustees for
otbses, ant might bo required to swear to the fact. Wu it
etillpedei he prim to coatravese all these
_provisions, and
tboo. ot tbe mewed of or insolvency,ive
aides et a transfer ? That t not to be permittedto ; l
and
a mart of equity would nat glass wills who lent them-
selves to such • missals* whisk by enabling a maa to
hold himself out. a yeapis.lip piown, as a director of
these importut esupw
_-whlle be was in reality insol-
vent, might be mist libil and diathasstal to others--
the party seek*, this =Mame of the wart knowing that
he was so, and taking no step whatnot to follow up the
supposed amignment till five days betew the act of baak-
nifty was mwmitted. His Honour then reviewed the
=sad the Mist sad West India Dock Companies'
eal mil that there was a clear intention to defeat
thou provides' by not giving Rothe of the transfer, and
that was a *sag ground why a wart of equity should
refine to interfere to dense specific perineum*.
The ewe of "Br parte Mastermaa " had been
cited by Mr. Begley as a conausive authority on
the other side ; bat In a former :cmse, that of a. Lan-
caster Canal Dempsey (7, D. sad Ch., 411), it was
decided by Lori Igadimwt, whose Missal was aimed
on • refuels', by lard Bawagbam, Ural when the forms
proscribed kr as torwrim of amiss moms not strictly coat-
plisd with, tho gsopiity amosimid la the order and di.-
=of tbe besheollie Pelerbdia, the ordinary:mode of
mitissolltatig inequitable insitipage. But there
was in Imperlasidlitiostica between theme of " Ex puts
Maslow= " mid the one before as wort. There the
smut the indoMare was executed mistime of the transfer
was gives is the idiot, and sa esti, thereof was mad* in
thet 2a: ths anipmq. Ups that, it was held that
mistier bad been wastitated ; and the chief
A ege peital it out as a marked distinction between that
ewe sad the ow of this Leal:ester Canal Company, that in
the latter, there was no nal intention of the parties to altar
the ownership. Here, it was 'dearly the object, for
Mr. avowed it, to continue Mr. Finn
as than Ullissible owner of the property. The
g. MIN* gad was intended to be deceived, by
led believe 'that Mwas e. Piens • solvent sad
t imas who he was on the very threshold of the
ptey Omen ; sad for this purpose a fraudulent end
allsave repommatation it ownership was tall retained for
bled. Theamid " RE pine Mastennan" was not an autho-
rity he tie s=l moil to determine it in that way would
be to go tar that awe. It would be to say as effect 1
that in any ovary am where it suited the parties to col
lode for the pumas ad wading an act of poilianant, they
were at nogg to M., amt to Wiz lbw provisions
whisk owed* yens* mum thisissivas eat se
direeten peintned of arts% alma, la teethes" is
fact they bad sew. flare were lIMONIS woes to show
that, when Use este or deeda of joint stock essepaniso pre-
seabed • pertieuler mod* el transfer, the warts INIIIIII
inlet on these form being eleistly complied with, among*
at of " Beemmuseet, P. O." (4 Ex. Rep., 716), sad
.. Sv. Wien" (17 Q. B. Rep., 648). In the latter
awe Isaimil judge (Coleridge) said he arrived, at the
dickies Mei regret, but the provisions of the sat
of pulhowat with respect to the transfer of shares
were osiodiholly made for the benefit of the public, and to
genial ammo Wag transferred to incompetent sad ini•
Kirpaws, sai la anhamper way. In tie case of
ety,wbiall bad oho boss dead. a maa deputies the cer-
tain*. of his shares by way of following
' the i=ii skedeetteeseleer=s It woo held that
the sisals& a wad Its. am bh ltest a bankrupt,
Under those diumislimas,llmt emit,, that ja-
avast'sa whisk hooray Mimed to the Omit it Review,
beteg said *pea le Mo 011 behold of tho nitioner.
ought wit to de so, sad dem
ths }Wan, with sousp e. to the
Bast sal Was lons Mak to b e itemised.
, Mother oldeilin woo listllmthtZilloros wen. wader
the 11111 h halo.seet
the oche ma Apulia alibi Makes*. It was annul,
as tat Whir dio, thee sob was net se as the notice had
bees phisbahoo be *mid Ile Mainers it insolvency.
Brat ea looklag waft though tits wow wham to sotto',
1 it wield is Mod that they woo tulle dl ilium
L stemesi *that beim *smart la that ewe the anise was
i net given lla beisking•ty was loanable; this was known
to the paddies* mai moths was °sly then given for the
1 sake ofisiodagaposhosams. X wraiths deer that bad this
1 Mu an sesloomonit or inlminsat issawykag the =
1 of the balm*, It would Moe isaveysi irking;
have bans handcleat. Mambas a meths given is saki
• to set tip web aa asaismost at ths hit newest bets open
it tie dump el a boudoir. gratmenSti, mai would ale gni
• awe is *be Us pezry oat iff tho eider and lapidtba
1 dale ass pri* and millosilly, the
iagowaitagatir. Ceisollge ough eaumu; this was sot
sass la Vida a Nut d equity dune weals pew
hemass. What IV: have 11.1111 as Winn=
' dap seem sad lir. Piero, if he bad
whisk was a Wally t quash.. It was
1 WI la Makeup*, that the sodgasse wad net =1
I iSuli maws boss dew by the boalimpt ;
_but Leda.*
winch that thew was me gnaw Winks *Olt 111 goy
her fa 01l woos the sidlw et the boob*. sal et its
asigasin ware weedy Weal; May einelemeg
idsnapplod Ow ekes Is She bapssial lin loarsoseitsw