Samuel Lucas sued over failed mortgage (1874)

Post date: Aug 03, 2012 2:29:41 PM

Extract from Morning Post 14th December 1874:

COURT OF COMMON PLEAS.— Saturday. (Sittings at Nisi Prius, in London, before Lord Coleridge and a Special Jury.) GREEN AND ANOTHER V. LUCAS.

This was an action to recover an agreed amount of commission for procuring the offer of a mortgage upon some property belonging to the defendant. Mr. Thesiger, Q.C., and Mr. Harrison appeared for the plaintiffs ; and Mr. Cole, Q.C., and Mr. Kingsford for the defendant. The plaintiffs, Messrs. Green and Son, were auctioneers and surveyors, in. St. Swithin's lane, and the defendant was a gentleman living at Wateringbury, in Kent. In the autumn of last year the defendant wished to borrow £20,000 upon the mortgage of ths South-Eastern Wharves in Southwark, and he signed a paper by which he authorised and requested the plaintiffs to "procure" for him this loan, and upon their doing so he undertook to pay them £2 per cent, commission and a survey fee of £105. The plaintiffs' case was that they understood simply that the defendant had a 99 years' lease of the property, and they found a provident society which was willing to advance the money. When the abstract of title was sent in it appeared that there was a proviso that the railway company, which had granted the lease, had power to resume possession of the property on a certain event and upon certain terms. This proviso very much diminished the value of the security and the society declined to make the advance. A correspondence which had taken place was put in, and a discussion ensued as to the meaning of it, and of the document signed by the defendant. Lord Coleridge expressed his opinion that the plaintiffs had "procured" the advance within the meaning of the paper, and he therefore directed a verdict for the plaintiffs for £505, but reserved leave to the defendant to take the opinion of the full court upon the subject.