PURCHASE OF FARM

Evening Post, Volume CXX, Issue 140, 10 December 1935, Page 11

PURCHASE OF FARM

DEAL THAT FAILED

1 ENGAGED COUPLE'S VENTURE

* YOUNG MAN DISAPPEARS

'duced the appellant to believe that he had, a certain amount of stock. She had life policies, and it was then agreed between them that his stock and her- life policies were to go into a common pool for the purchase of the farm. The stock was duly bought through two stock firms. The actual purchase price did not appear from the evidence, but it was about £300. That stock was pledged to the dairy company, which took a security over the appellant's life policies as additional security and advanced her £350, which she paid over to Morton. She did not therefore pay out anything of her own money. When the deal was subsequently cancelled and the stock was sold the proceeds of the stock (£230) were paid over to the dairy company in partial extinction of Miss Duke's liability. The balance of her liability could have been extinguished if she had successfully interpleaded when attachment proceedings were taken in respect of £125 then held by Tucker. It was common ground that the stock firms had sued both Miss Duke and Smith for the purchase price of the stock and that this action failed against Miss Duke, but succeeded against Smith.