In a moneylending contract a bill of sale was executed at the borrower’s house over his furniture, and the loan itself was advanced and a receipt granted there. The preliminary arrangements had been made by correspondence to and from the moneylender at his registered address – no other address was employed. The Moneylenders Act 1900, sec. 2 (1) ( b), enacts – ‘a moneylender . . shall carry on the moneylending business . . at his registered address or addresses, and at no other address.’ The borrower raised legal proceedings in which he maintained that the moneylending contract was void as in breach of this prohibition.
Held that the prohibition against carrying on business at an address other than the registered address raised a question of fact to be determined by the whole circumstances of each case, and that the carrying out of incidents of the transaction away from the registered address did not in itself constitute a breach of the Act.
Judges:
Lord Chancellor (Loreburn), Lords James of Hereford, Atkinson, Shaw, and Mersey
Citations:
[1910] UKHL 689, 48 SLR 689
Links:
Jurisdiction:
England and Wales
Banking
Updated: 25 April 2022; Ref: scu.619794
