An auctioneer who is employed to sell an estate, and who receives a deposit from the purchaser, is a mere stake-holder, liable to be called upon to pay the money at any time ; and, therefore, although he place the money in the funds and make interest of it, he is not liable to pay such interest to the vendor when the purchase is completed ; though the vendor (without the concurrence of the vendee) gave him notice to invest the money in Government securities.
References: (1830) 1 B and Ad 577, [1830] EngR 870, (1830) 109 ER 902
Links: Commonlii
Jurisdiction: England and Wales
Last Update: 22 September 2020; Ref: scu.182547