Jermy v. Preston

VICE-CHANCELLORS' COURT - Saturday, December 10 1842

(Before Sir L. Shadwell)

This suite was instituted to determine the title set up by several different claimants to a sum of 2,600l., which was the surplus of a fund created by a sale directed by the Court of a portion of the settled estates of Mr W Jermy, formerly of Norfolk, for the purposes of a term created by his marriage settlement in 1752, in favour of his widow, from whom he had received the Preston estates. The reversion in fee of the property was purchased by Isaac Preston, of Beeston St Lawrence, in Norfolk, who, after making a devise of all his real estates in 1764, sold this reversion to the purchaser of that portion of the estates previously disposed of by the direction of the Court. The question arose under a very intricate state of circumstances, and depended almost entirely upon the effect to be given to the disposition of Isaac Preston by his will, and some subsequent codicils confirming it, in determining whether the surplus of the amount of the sale, after satisfying the term was impressed with the character of real or personal estate, and passed, or not, under the devise.

Mr Bethell, Mr Bird, Mr Osborne, Mr Walker, and Mr Rolt were the counsel representing the interests of several parties.

The VICE-CHANCELLOR pronounced his judgment at some length, expressing his clear opinion that the money which has arisen from the conversion of a portion of the real estate under the direction of the Court was still to be considered as realty, so far as regarded by the will, and that a title to it in that character was given in the will.

Ref: The Times, 12 December 1842, Page 6, Column d