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Kerrison V. Glyn Mills Currie And Co. Notes

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KERRISON V. GLYN, MILLS, CURRIE

AND

C O.

FACTS The appellant, who lived in England, had a standing arrangement with a firm of bankers in New York by virtue of which they were to honour the drafts of a company carrying on business in Mexico, in which the appellant was interested, up to 500 pounds, the appellant agreeing to put them in funds by paying that amount from time to time to their account at the respondents' bank in London. On 21 October 1907, the New York firm wrote to the appellant informing him that the Mexican company had been credited with 500 pounds, and requesting him to pay that amount to their account with the respondents. On receipt of this letter on October 30 the appellant paid 500 pounds to the respondents to the credit of the New York firm. On October 30 the New York firm became bankrupt, and the appellant on becoming aware of this fact on October 31 applied to the respondents for the repayment of the 500 pounds. The arrangement was described thus in evidence: "When from time to time the Bote Mining Co had exhausted its credit, Kessler & Co would give additional credit to the company in the equivalent of 500 pounds less1/3 per cent commission, by crediting the account of the company in their books. Upon making this credit in their books they would on the same day write to Mr Kerrison notifying him thereof, and requesting him to pay 500 pounds to Glyn, Mills & Co for their account, and on the same day they would also notify Glyn, Mills & Co that Mr Kerrison would deposit 500 pounds with them for the account of Kessler & Co, and on the same day Kessler & Co would write to the Bote Mining Co advising them that the sum of 500 pounds at current exchange less 1/8 per cent commission had been placed to their credit, specifying the rate of exchange and the amount in dollars. When the Bote Mining Co required for some special payment an amount larger that 500 pounds, that was arranged for by cable, or by correspondence with Mr Kerrison." There was no liability at the time the final payment was made: The dates of these two letters in themselves suggest an explanation of this immediate departure in business from the strict letter of the arrangement made. In the interval between June 18 and 30 it was necessary to finance the mining company, and it may well be that Kerrison, knowing this, in order to avoid delay, and to save himself the trouble of making repeated lodgments on the receipt of repeated advices, anticipated a liability of which he had not been actually advised, but had every reason to think either

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