The Plaintiff, a widow, in the year 1880, caused pounds 6000 Consols to be transferred into the joint names of herself and the Defendant, who was her godson. She did so with the express intention that the Defendant, in the event of his surviving her, should have the Consols for his own benefit, but that she should have the dividends during her life; and she had previously been warned that if she made the transfer she could not revoke it. The first notice the Defendant had of the transaction was a letter from the Plaintiff’s solicitors about the end of 1882 claiming to have the fund retransferred to the Plaintiff. Held, that the legal title of the Defendant as a joint tenant of the stock was complete, although he had not assented to the transfer until he was requested to join in re-transferring the stock, for that the legal title of a transferee of stock is complete without acceptance.
A transfer of property to a person without his knowledge, if made in proper form, vests the property in him at once, subject to his right to repudiate it when informed of the transfer.
Held, further, that the Plaintiff could not claim a re-transfer on equitable grounds, the evidence clearly shewing that she did not, when she made the transfer, intend to make the Defendant a mere trustee for her except as to the dividends. Held, therefore (affirming the decision of Mr. Justice Pearson), that the Plaintiff was not entitled to have the stock re-transferred to her.
A gift of shares was made, but challenged.
Held: Registration of the transfer was actually completed and so the gift was completely constituted.
Citations:
(1885) 31 Ch 282, [1885] UKLawRpCh 282
Links:
Jurisdiction:
England and Wales
Citing:
At ChD – Standing v Bowring ChD 1-Jul-1884
The Plaintiff, a widow, in the year 1880 caused a sum of pounds 6000 Consols to be transferred into the joint names of herself and the Defendant, who was her godson, and in whose welfare she took great interest. This transfer was not made known to . .
Cited by:
Cited – Pennington and Another v Waine, Crampton and others CA 4-Mar-2002
The deceased had made a gift of shares. She had executed a transfer, and acting upon the promise, the donee had agreed to become a director which he could only do if he also became a shareholder. The transfer was delivered to the deceased’s agent, . .
Cited – Scott v Bridge and Others ChD 25-Nov-2020
Claim to recover money and property said to have been transferred by the claimant to the defendants or one or more of them. The money concerned came from a bank account belonging to the claimant. The property concerned consisted of two . .
Lists of cited by and citing cases may be incomplete.
Company, Equity
Updated: 29 April 2022; Ref: scu.183421