The Law Reports Volume 33; Chancery Division, and on Appeal Therefrom in the Court of Appeal, and Decisions in the Court of Protection (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1886 Excerpt: ...an ordinarily prudent man having regard to the rights of those interested in the sum to be invested, even although it produced a larger interest than was usually got for mortgages, would have done something more. That is to say, there were facts patent on the face of the land--the real security upon which they were going to lend their trust money--which in my opinion would have made a prudent man inquire further, and if they had, they would have found out from Mr. TJtley (for I take his evidence) that in arriving at the value of 7000 (or rather 6400, because he makes a deduction if it was sold not as a going concern), he valued the land only at 2000, and then he made up the remainder of the value by 2400 attributed to the buildings and 2600 attributed to the plant and machinery. Now, in my opinion, a prudent man if he had seen that report would not have lent so large a sum. It is true it was real security, but the real security depended for its value on the trade of brickmaking to be carried on there, and on the value of the buildings and machinery which could be only used for that particular business, Vol. XXXIII. 2 G 1 C. A. 1886 In re Whiteley. Whitelet V. Learotd. Cotton, L.J, C. A. 1886 In re Whiteley. Whiteley v. Leaeotd. Cotton, LJ. and that particular business, though I do not say it was a specially hazardous one, was one which few people would be willing to bid for and undertake if it was necessary to call in the money, and also few people would be ready to take it as a security if the then tenant was not able successfully to carry on the trade. There are many contingencies upon which such a trade depends, and if the property had been reasonably available for other purposes that would not have induced me to hold the tr...