Official Assignee Of Madras
v.
Jwirwin
(High Court Of Judicature At Madras)
No. | 16-03-1910
[1] In this ease we are agreed, that the learned Commissioner was right. The claimant Irwin was not a customer of Messrs Arbuth not & Co. He sent them two cheques wherewith to purchase shares in certain rubber companies, and clearly he did not intend, to make them his bankers for the amount remitted, for he told them if they could not get all the shares he wanted at once, they should cash only one of the cheques.
[2] They cashed only one cheque, bought some shares and failed before completing the purchase. The uncashed cheque was returned to the claimant, and he now claims the unspent balance of the other. He is clearly entitled to it. There is nothing to suggest that the relationship of banker and customer was created at any time between the claimant and Messrs. Arbuthnot & Co. They were in the position of his stock brokers for a particular transaction and his money never became theirs to use and re-pay.
[3] This appeal must be dismissed with costs out of the estate.
Abdur Rahim, J.
[4] I quite agree and only wish to add that it was clearly a mistake on my part in putting down this case as of the group of cases in which in my opinion the claim should be disallowed instead of including it in the other group of cases in which I held the claim should be allowed.
Advocates List
For The Appearing Parties ---.
For Petitioner
- Shekhar Naphade
- Mahesh Agrawal
- Tarun Dua
For Respondent
- S. Vani
- B. Sunita Rao
- Sushil Kumar Pathak
Bench List
HON'BLE MR. JUSTICE MILLER
HON'BLE MR. JUSTICE MUNRO
HON'BLE MR. JUSTICE ABDUR RAHIM
Eq Citation
1910 MWN 442
6 IND. CAS. 250
(1913) ILR 36 MAD 499
LQ/MadHC/1910/178
HeadNote
(A) Trusts and Trustees — Trust property — Claim by beneficiary — Disposition of, by trustee — Validity of — Claimant Irwin was not a customer of Messrs Arbuthnot & Co. He sent them two cheques wherewith to purchase shares in certain rubber companies, and clearly he did not intend, to make them his bankers for the amount remitted, for he told them if they could not get all the shares he wanted at once, they should cash only one of the cheques — They cashed only one cheque, bought some shares and failed before completing the purchase — The uncashed cheque was returned to the claimant, and he now claims the unspent balance of the other — Held, claimant is clearly entitled to it — There is nothing to suggest that the relationship of banker and customer was created at any time between the claimant and Messrs. Arbuthnot & Co. They were in the position of his stock brokers for a particular transaction and his money never became theirs to use and re-pay — Trusts Act, 1882, S. 61