By agreemerit made in 1794, 80001. stock was transferred by O. to H, upon the terms that H should repay the money produced by the sale of it or replace the stock at the option of O, and in the mean time pay interest at the rate of 5 per cent., the loan was secured by bond, mortgage, and a deed of covenant. O. and H being dead, E. O being the legatee ancl heiress, but not the personal representative of O., and J H. being the devisee of H , J. H. applied to E O. to assist him to raise moNey, which E. O. agreed to do on having a security for the replacement of the stock. E. O. accordingly assigned the bond mortgage, and deed of covenant of 1794, to H. and P, by way of mortgage, to secure an advance to J. H., and in consideration thereof, J. H, iri 1842, by iindenture, conveyed to E. O. the premises comprised iri the original mortgage, together with other lands, by way of mortgage, with a proviso and covenant to secure the transfer to E O. of 80001 stock E O died, and by her will forgave the mortgage debt, of 1842 to J H. Held, that the mortgage and covenant of 1842 were not so connected with the illegal agreement of 1794 as to be usurious and void, and that therefore legacy duty was payable on the bequest
Citations:
[1857] EngR 577, (1857) 2 H and N 416, (1857) 157 ER 172
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Cited by:
Cited – The Commissioner of Stamp Duties v Bone and Others PC 5-Apr-1976
(Australia) A debt can only be released and extinguished by an agreement for valuable consideration or an instrument of release under seal. Where a testator or testratrix appoints a debtor as executor under a will any cause of action against the . .
Lists of cited by and citing cases may be incomplete.
Wills and Probate
Updated: 02 May 2022; Ref: scu.290323