South Sea Company. – Act 7 Geo. 1. St. 2. –
An heritable bond is granted in consideration of transferring a sum of South Sea stock, at the then next opening of the books; by a separate obligation the grantee was entitled to transfer, at said opening or any time thereafter, on three days advertisement; by an act of parliament all contracts for the sale of stock not performed by a certain day were to be registered, or otherwise void; The stock was not transferred at the opening; the bond was registered in due time, but not the separate obligation. In a reduction it is found relevant to reduce the bond, that the transfer was not made at the opening as specified in the bond, andc. and the defence on the separate agreement is repelled, it not being registered in terms of the act of parliament.
But at the bar the parties made an agreement that the bond should be good for part of the sum, and on their agreements the interlocutors are reversed, and the bond ordered to be effectual for that
[1726] UKHL Robertson – 577, (1726) Robertson 577
Bailii
Scotland
Updated: 05 January 2022; Ref: scu.554230