Agnew v King

• Jurisdiction: Ireland
• Judge: V. -C.
• Judgment Date: 13 June 1902
• Court: Chancery Division (Ireland)
• Date: 13 June 1902
• Docket Number: (1901. No. 1051.)

AGNEW

and

KING

Chancery Division

Mortgage — Transfer with concurrence of mortgagor — Arrears of interest paid by transferee treated as principal bearing interest.

Anon Bun. 41.

AnonymousENR 1 Ch. Ca. 258.

Ashenhurst v. JamesENR 3 Atk. 270.

Bolton v. BuckenhamELR [1891] 1 Q. B. 278.

Cottrell v. FinneyELR L. R. 9 Ch. 541.

Gladwyn v. HitchmanENR 2 Vern. 135.

In Earl of Macclesfield v. FittonENR 1 Vern. 168.

Lord Chesterfield v. Lady Cromwell 1 Eq. Cas. Abr. 287, pl. 1.

Smith v. PembertonENR 1 Ch. Ca. 67.

Va. I.] CHANCERY DIVISION. 471 AGNEW v.-KING. (1901. No. 1051.) Mortgage—Transfer with concurrence of mortgagor—Arrears of interest paid by transferee treated as sorincipal bearing interest. Transferee of a mortgage, the mortgagor joining in the transfer, held, entitled to treat as principal bearing interest arrears of interest on the original debt due at the date of the transfer, and paid by him to the mortgagee. ACTION for redemption. The principal question in this case, and that on which it is reported, was whether the defendant as transferee of the mortgage of the 14th August, 1882, was entitled to treat as principal carryÂing interest arrears of interest on the original debt due to the mortgagee at the date of the transfer, and paid to him by the defendant. By indenture, dated the 14th August, 1882, in consideration of £90 paid by Joseph Sloan to Robert Agnew, Charlotte Agnew, and William Thompson, the last-mentioned three parties covenanted to pay to Joseph Sloan, on the 14th August, 1883, the sum of £90, with interest in the meantime at 6 per cent. per annum, and also if any part of the said sum should remain unpaid after that date, to pay interest on the part so remaining unpaid at the rate aforesaid ; and the said Robert Agnew and Charlotte Agnew assigned to the said Joseph Sloan certain lands, held under a lease for years, subÂject to a proviso for redemption on payment of the said sum of £90 with interest, on the date aforesaid. The plaintiffs Mary Agnew and Sarah Agnew alleged that previous to the 2nd May, 1900, the equity of redemption became vested in them. The interest of Joseph Sloan became vested in Matthew Sloan. By an indenture, dated the 2nd May, 1900, and expressed to be made between the said Matthew Sloan of the first part, the plaintiffs Mary Agnew and Sarah Agnew of the second part, and THE IRISH REPORTS. [1902. the defendant James King of the third part, reciting (amongst other matters) that by the indenture of the 14th August, 1882, in consideration of £90 paid by Joseph Sloan, Robert Agnew and Charlotte Agnew assigned to him the said lands by way of mortÂgage to secure the repayment of the said sum of £90 and interest...