Usury – South Sea Company – During the rapid rising of South Sea stock, an agreement was entered into, on a Sunday, to sell a certain quantity of stock, at 90 per cent. above the price of the preceding day, the price not to be payable till a year after transfer of the stock; and an heritable bond was afterwards granted in consequence of the transfer, for payment of the agreed price on a day certain: this bond being reduced on the head of usury, the judgment is reversed.
Witness – In a reduction on the head of usury, a menial servant of the defender who was a subscribing witness to an agreement, being refused to be examined, the judgment is reversed.
The grantee in a bond having proposed to examine a cautioner therein as a witness, with regard to the transaction for which the bond was granted, consenting that what he deponed to should not be of prejudice to him, the Court refused to admit him, but the judgment is reversed.
Appeal – Interlocutors reversed, and an agreement adjudged of consent.
Citations:
[1724] UKHL Robertson – 471, (1724) Robertson 471
Links:
Jurisdiction:
Scotland
Contract
Updated: 24 July 2022; Ref: scu.553900