HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.
![handle is hein.slavery/ssactsengr0708 and id is 1 raw text is: SPRAGG 'V. 13INKES
only the legacy is directed to vest. If I could have determined in favour of any of the
parties before me, it must have been for the representative of Isabella Parsons
but I am under the necessity of declaring, that neither the Plaintiff George Parsons
nor the Defendant Robert Parsons, as administrator of his wife, took any interest in
the legacy of £1600 Bank Annuities ; the contingency, upon which the same was
given, not having taken place. (Holmes v. Craddock, 3 Ves. 317. Pearsall v.
Simpson, 15 Ves. 29.)
SPRAG v. BINKES. Rolls. July 11th, 1799 ; March 3d, Aug. 13th, 1800.
[See Heath v. Chadwick, 1848, 2 Ph. 652 ; Smith v. Moffatt, 1865, L. R. 1 Eq. 401.]
Bill by the assignee of a person, who had made a general conveyance in trust for his
creditors, and afterwards taken the benefit of an insolvent act, in respect of the
surplus against the assignee, the trustee and mortgagees, dismissed with costs.
Henry Evans Holder by indentures of lease and release, dated the 30th and 31st
of March 1792, conveyed and [584] assigned to Thomas and John Daniel, their
heirs, executors, administrators, and assigns, a freehold plantation and premises in
the island of Barbadoes, with the buildings, and appurtenances, negroes, slaves,
cattle, and stock, subject to an annuity of £150 issuing out of part of the premises, to
his wife for her life, if she should survive him ; with a proviso for redemption on
payment of £8882, 15s. 3d. the debt then due to Thomas and John Daniel, and such
other sums as they should advance.
By indentures of lease and release, dated the 25th and 26th of March 1794,
the same estates, and the slaves, cattle, and stock, were conveyed and assigned to
Binkes and another trustee, their heirs, executors, administrators, and assigns;
upon trust, subject to an annuity of £400 a-year for Holder during his life, to pay his
creditors.
In October 1795 Holder took the benefit of an Insolvent Act ; and the estate in
the island of Barbadoes with other property of his was conveyed by the Clerk of the
Peace to Binkes, his heirs, executors, &c., in trust for his creditors.
By indentures of lease and release, dated the 11th and 12th of December 1795,
Holder conveyed and assigned the said plantation and premises, negroes. and stock,
in Barbadoes to James Spragg, his heirs, executors, &c., subject to the trusts of the
said deeds for the benefit of his creditors and the prior charges, to pay himself a debt of
£750 with interest (for which Holder's promisory note was then given up), and
such farther sums as he should advance ; and as to the surplus money arising from
the said estate, in trust for Holder, his executors, &c. Upon a farther advance,
amounting in the whole to £1766, 19s. 3d., Holder upon the 24th of March 1798,
released and assigned all his remaining interest in the estate to Spragg, upon Spragg's
securing to him an annuity of £400 a-year for his life ; and Spragg executed a bond
in the penalty of £5000 for securing the annuity. By a subsequent agreement upon
the 21st of May 1798, Holder gave up that annuity in consideration of £2900.
The bill was filed by Spragg against the Daniels, Holder, and Binkes, the sur-
viving trustee in the deed for the benefit of the creditors, and Troughton, another
mortgagee; praying an account in respect of the surplus, after discharging the
incumbrances and execution of the trusts.
[585] Thomas and John Daniel had been consignees of part of the produce;
and had kept down their interest, and retained, in respect of the principal due to them,
to the extent of £612, 19s. 4d. ; and part of the produce had been paid over by them
to Holder or on his account.
This cause was argued first upon the 11th of July 1799; and again, by the
direction of the Master of the Rolls, on the 3d of March 1800.
Mr. Richards and Mr. Johnson for the Plaintiff. The deed of trust amounted in
effect only to a second mortgage. The mortgagor had a right to an account in respect
of the surplus; and he conveyed all his interest to the Plaintiff, in consideration of
money paid and an annuity ; the latter being afterwards given up by a new agree-
ment in consideration of £2000. It is objected against the Plaintiff's right to sue,
that he purchased from a man insolvent in two or three capacities ; and it is said,
Holder had no interest, that he could assign. There is no doubt, a bankrupt has an
interest in the estate, which passes to his assignees ; and has a right to apply against
5 VES. MUN. 584.](ViewImageLocal?handle=hein.slavery/ssactsengr0708&div=1&collection=&method=preview&ext=.png&size=3)