Sale remaining unimplemented, how the Price and Rents are to be accounted for? - Price of Lands retained in the hands of the Purchaser, how to be employed?
The Creditors of Scott, late of Howden, v. William Wilson, Writer to the Signet
Date: 2 February 1773 Case No. No 27.
The bygone annualrents upon the price of lands, retamed by the purchaser on account of incumbrances and arrestments not being purged, and till the issue of certain other questions, must either be accumulated by him into a principal sum bearing annualrent, or lent out upon proper security,
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William Wilson, as purchaser of the lands of Howden from James Scott, in 1753, had brought a process of multiplepoinding against the Creditors of Scott, shortly after his purchase, in which a variety of questions having occurred, which prolonged the dependence, the creditors at length insisted, that, as the bygone interest upon the price was lying dead in the purchaser's hands, he should be appointed to pay it up, in order that it may be converted into a stock, and lent out to a proper person, at the sight of the creditors.
Upon the 24th of November 1772, the Lord Justice-Clerk, Ordinary, pronounced the following judgment: “Finds it unnecessary to enter into the discussion, who have been most to blame for the long continuance of this litigation before the former Ordinary; and that, supposing the creditors, as too often happens in a common cause, to have been less attentive to their interest, and less diligent in bringing the cause to a conclusion than they ought to have been, still equity will not permit the purchaser, who has been in possession of the lands since the date of his purchase in the 1753, to hold the annualrents of the price which have accrued since that time, being nineteen years, as a deed stock in his hands, to his great profit, and their great loss; and therefore finds, that the purchaser must either hold the bygone annualrents at the price due, at and preceding Martinmas last as stock bearing interest from that term, or must pay over these bygone annualrents to any person authorised by the creditors, to the effect they may be laid out, upon proper security, at their risk, for such interest as they can obtain; and, in order to carry this interlocutor into execution, ordains the creditors, betwixt and next calling, to give in a state of the annualrents of the price remaining in Mr Wilson's hands, at and preceding Martinmas last; and, against the same time, ordains Mr Wilson to make his election, whether he will hold these as a stock bearing interest from said term, and what interest he is willing to pay, or if he will pay over the same to the creditors.”
Upon a reclaiming petition for Wilson, upon this and other points,
“The Lords refused the same, in so far as it reclaims against that part of the Lord Ordinary's interlocutor respecting the bygone annualrents of the price of the lands preceding Martinmas last, and remitted to the Lord Ordinary to see the same accumulated by the petitioner into a principal sum, bearing annualrent, or let out on proper security, in terms of the interlocutor.”
Act. R. Cullen.Alt. A. Wight.Clerk, Gibson.
Fol. Dic. v. 4. p. 253. Fac. Col. No 52. p. 135.
