The Express.
London, England, 1851-12-15 00:00:00

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EQUITY COURTS.-EXICIWAT.
ll:Ter.s.4 it I mowespnr. screas In I:que CsArcs- Los.
81AsuAAVE r. POPE. - SECTEITT.—RLDEXPTION Or
LEASEHOLD lIIINEUITANINTS ASSIGNED TO • BCILDING

Soctarir.
This was as appeal from a decree of Sir J. Knight
Bruce, then Vice-Chancellor, in a bill filed by two plain-
tiffs, to redeem a mortgage which one of them had granted
to the Camberwell Building and Investment Society.
Mr. Thome, Brandon Fleming, solicitor, is the person who
granted the mortgage, and the coplainta, Mr. Wm. Sea.
grave, is the person to whom he agreed to sell the house
mentioned thercin. The defendants are trustees of the
society, ant now the appellants.
The society was established under the 6 and 7 Wm. IV.,
e. 32 (the Act fur the Regulation of Benefit Building So-
' eietiee), unit the res and regulations were certified by
Mr. Tidd Pratt, inul conformity with the requirements of
the act. It is provided by the seventh rule tact the mem-
bers shall pay a monthly, subscription of Its. Gd. per share
towards the funds of the society until the objects
have been fully accomplished, with certain fines spee.qicd.
Rule 9th provides a mode of advancing mom y by. the sale
of shares, six.: "That so often as the funds of the society shall
amount to a share or suns of 1001. (or by anticipation, that is
before the funds actually amount to th it sum if the directors
shall so di termite ), the share shall be awarded to the
highest bidder, by premium, for the preference (but no
member shall he allowed to advance less than ss. on each
bidding), and the pure:iaser shall have the privilege of
taking as many aatlitioual shares at the same rate as the
directors may award him, not exceeding nine, on giving
notice of such an ettention to the chairman at the time of
sale; and the directors shall, if they deem it to the advan-
tage of the society, have the power to sell an additional
share or shares, quarter, half, or three-quarter share, at the
same rate of premium as the last purchase, if required."
The Ilth provides that a member shall, in addition to the
payment of Ss. Gd., as an ordinary member, pay 3s. 6d. a
month on each share towards the redemption of the
share which he has taken up, and continue to pay
the same during the continuance of the society. The 12th
rule provides for giving securities for money advanced on
shares sold. " That when the trustees shalt be satisfied that
the premises %.,) to be offered as aforesaid are a sutficient
security to the nee ty, they shall authorise the trustees to
pay to such member the sum or sums of money which ho
or else shall he entitled to receive on such member executing
a mortgage of such premises as the solicitor to the society
shall require, and deliver the same and ell other necessary
title deeds relating thereto to the solicitor to be deposited
with the trustees as a security to tho said society for so
much money as shall therein be expressed to be secured, 'I
and the trustees shall make such p tymtnt accordingly."
'the 11th rule prucitles for another case "That it any
member of this society, having purchased any share or shares,
nut secured the repayment thereof upon his or her premises,
shall sell such premise, it shall be lawful for the
pu:chaser to take the same chargeable with the debt due
to the society, and thenceforth to become answerable to the
society fur the payments of the subscriptions and other
charges, as the same shall become payable, on such pur-
chaser signing such agreement as the solicitor to the 'witty
may require tor paying the subscription money, :aid other
payments to be made by him. That if any member shill
he desirous of has. ng hi, or her property discharged t'esm
such debt it shad be lawful for the holder ut such share or
shares, or so much thereof as shall be then unpaid, to trans-
fer the sawn to some other premises of adequate value, to
be approved of by the surveyor of the society; and upon
haring such a tare or shares, or to much thereof as shall be then
due in respeet thereof, secured upon other premise., to the
• satisfaction of the solicitor, the trustees fir the time being
shall, at the coat of tne member, release and convey
• the premise' ter which other preinisea shall have
been salutituted, avid make such endorsement as

herinafter mentioned ; and in the first-meutiou‘d event
shall also, but at the cost of such member, release him or
her from all future iiability to respect of the premises upon
the shares pure.tesed from the said society, and secured
apes the premises sold as before-mentioned. Provided that
if any member who shall have received his or her share or
shares, or any portion of them, shall be desirous of paying
and satisfying thu security or securities which shalt have
beets given tor the same, and shall give notice of such
his or her desire to the directors, the directors shall within
one month there alter award to such member the same !pro-
portion of profit per share As is allowed on the withdrawal
of unpurchased shares, and the directors shall make a de-
duction of such profits out of the amount of subscriptions
paid its by such member from the full amount ex-
pressed to be secured ips and by the mortgage ; and the
directors are hereby authorised and emposered to receive
the balance in one payment or by such instalments
as the directors and members shall agree upon, and ou the
payment of the balance, together with all fines awl other
sums flue in resocet of such shares, the directors shall de-
sire the trustees to deliver up all deeds and other docu-
ments in their custody relating to the security of the mem-
ber on such property, and at his or her cost to indorse a
receipt or nesisowleelgme at on such mortgage, according
to the G and 7 Wm. IV. c. alt, s. 4."

The riots of the case were these: Mr. Fleming, who was
the original solicitor of tit., society, held five shares from its
commeneemeut. On the 7th of February, 1840, he became
a member in respect of three other shares which he had
purchased, and paid upon them all subscriptions end other
moneys due thereon. in Msreit ho received front the so-
ciety money on his original live shares. A public meeting
of the members w.lll held on Ole Ist of February 1.517, at
which he bought two Additional shares and proposed to
take up mon, yon the same and the three other shares, at
the rate ot Vit. 10s. per share. Tile ,ociety on these shores
advanced him 2721. 10.., that was the difference between
.500,1,, the Ivenheal value of tle.,m, and 2271. 10s., the total
amount of premiums on the same. Mr. Flemiug, out
of this stun' paid all the back subscriptions,"
additionalou the two purchased shares, and granted a
mortgage on leasehold property. lie afterwards bought
four inure hh.ires; and on the 2nd of August,l347,at a meet-
ing of the members, he bought one additional share, and
borrowed on that and the four other shares at tho rate of
45.1. lOs., reeeivis‘g 2121. :a in the other case. lie paid
back subscriptions, and ex..euted u mortgage of other lease-
hold property. I a October, 1617, Mr. Fleming, being de-
.
mous of having a change of security—that is, one property
substituted fur another—wrote to the directors to that

effect, and asking an account of what was due on the
shares. The property was accordingly discharged from the
security of the two former decd., an, the title-deeds were
handed over to Mr. Fleming, and a new security, dated 10th
December, 1847, was executed. 'I his was the mortgage now
in question. The deed recitest toe leases, &c., and it set
I forth inter alit that the sums of money to be contributed in
respect of each share umounted to 100'., and that Mr.
Fleming was twilled to receive out of the funds thereof
1,0001., in respect of ten shares, and for security of all the
payments to become due in respect of the said shares he
had agreed to execute the assurance thereby made ;_ that, in
cousin. ration of tU. paid by the trustees, he assigned to them
the leasehold premise, described, in trust to hold,
so lung a, the several payments were made, and regulations
observed prescribed in the articles of the society, and should
have all the euvettauts perfunaml ; failing which for a space
of six mouths, a person was to he appointed to collect the
rents, but should the rents be insullieient to satisfy the pur-
Poses aforesaid, then upon trust to sell, and out of the rents
and the money arising from the sale, tied, to retain the
rusts, &e., and in the next place to retain all such principal
money, subscription or other payments, as should have been
a teamed to, or should be due by the said Fleming in re-
spect of the shaft,.
Mr. Feagrave, the co-plaintiff in the suit, in November,
1818, purchased the property, and Mr. Fleming gave notice
to the society of his iutentiou to redeem, and he claimed the
same proportion of profits per share as bad been allowed to
members withdrawing impurelmeed shares. The account
furnished being unuitisfactory, Mr. Fleming, with Mr. Sea-
grove, filed their bill praying a de elaratiou that Fleming
RAI entitled to redeem on repaying to the defendants
2371. 18s., the amount actually advanced in respect of the
10 shares less the amount of subscriptions paid by him in
respect of these, and the proportion of profits to which be
was entitled. The defendants by their answer said that it
Man uncertain how lung the society would continue, and
that its continuance for eleven years from thecommeneement
was problematical, bat that it was It )i impossible to calcu-
late --..ithin some measure of certainty how long it would
but. There was no question as to the share of profit. It
appeared, from the statement of Cie case, that some time
before these transactions a Mr. Mil's, a member of the so-
ciety, haviug proposed to redeem, a question was raised by
the society, and a case was laid before Mr. 'fidd Pratt, wbo
was of opinion that he had a right to redeem upon payment
of the sum actually advanced to him leis the subscription
monies paid ; and that course was adopted.
Ilia Honour theVice-Chancellor decreed that Mr. Fleming
having given the notice, was entitled to redeem upon pay-
ing the balance due ou account of the 3111. at the end of a
month from the notice, with interest at tour per cent. from
that time, and that, tar the purpose of ascertaining the
amount of the balance, he ought to have credit for the
muuthly payment of Bs. tide, so far as paid by him to that
period, and for 421. 12s. 6d. (proportiou of profit at 41.54.3 d.
per share on tea shares), bat not fur the monthly 3s. 6d. ;
and ought to be debited with the monthly 3s. 6e1., so far as
not paid by him to the same period, but not with any
monthly payment in respect of any period subsequent to the
end of the month.

Mr. Bacon and Mr. Hardy supported the decree, con-
tending that the deed of the 10th Decembtr, 1817, was a
seenr,7 by way of mortgage, subject to all the incidents
thereto belonging, and therefore the plaintiff had right of
redemption as prayed for by the bill.
Mr. J. Itu•hell, Mr. Reit, and Mr. Terrell, contra, urged
that it was nut a mortgage security, but a security given on
the anticipation or purchase of shares for the purpose of
securing to the society the money yet to be paid in respect
of thos: shares. The plaintiff was therefore bound to pay
all the redemption moneys.
The Lord Chancellor postponed judgment.

Boom sin Yuma or Too Sous.
BARBER V. THE MILTON. AND CuItroDATION OF
LIVERPOOL.
. _ _

Mr. Bounden Palmer wu beard in continuation in sup-
port of the demurrer. Ile stated that the plaintiff so the
owner of property near the Green• Lute Water-works, and
he compluacd that by reason of the water-works of the
corporation his wells had been dried up. The bill WAS
bounded on a clause in the act of parliament ootistituting the
commissioners of sewers in Liverpool, which provided that
the water obtained from wells or other sources by the com-
missioners should be applied only to watering the streets
sad extinguishing
_inn. The learned counsel contended
that the plaintiff had no right to sabterraneoua water more
than he could_ gut by freecan titian with the owners
Kotler loud ladependeat of this, however, he