Reference
D96
Title
Case for Counsel's Opinion, re estate of late Sir Coventry Payne under his will and marriage settlement.
Date free text
11 June 1886
Production date
From: 1886 To: 1886
Scope and Content
In 1874 Wootton estate brought in income of £1800 'now about £1300'. Lists properties including Reversionary estate of 626 acres, 29 roods, 39 perches in Wootton subject to the prior life interest of 2 ladies (last died July 1885). Death of Coventry Payne on 9 August 1874 - 2 children both 21 now. Will proved 23 September 1874. (note in margin: Mr Townsend's solicitor disputes will valid exercise of appointment under Marriage Settlement).
Because of liabilities Church v Wright legal case instituted. Debts, funeral expenses including mortgage Debts: £20,000 +. Order to raise mortgages rather than dismantle the mansion was made, enables to raise £10,000. 6 December 1875. Mortgage of £5,500 on West Indian and Reversionary Estate. Further Deed of Mortgage for £4223 18s 11d to cover debts (under order of January 1876).
Until Philip 21 [he] and his sister live at a house taken by Mrs Herring near Witham, Essex, (where the Bloods live). Philip went to a tutor's near Wootton, coming home for his holidays. Son supported by allowance of £500 per annum from the Entailed Estate. Real Estate valued at £28,000, not considered advisable to sell. Brother and sister move to small house at entrance of their Uncle's Park, just before Philip 21. Disentailing deed of 30 December 1879 and Marriage Settlement, mortgaged estate for £12,000. Philip married 1880.
1885 Reversionary Estate falls in "but by that time the rent of it had fallen very considerably owing to the present Agricultural depression, while the West Indian Estate instead of as heretofore realizing a net income of some £600 per annum shewed, owing to the heavy fall in the price of sugar, an annual loss for that year after paying working expenses". Income of estate inadequate to pay annuities and charges from Sir Coventry's will. Marriage of Henrietta Anna Maria Payne to Captain William H Townsend 1882. Hastings house sold. Proceeds £1590 invested.
Questions asked:- Whether Sir Philip Payne has liability to annuitants and mortgagees, which he cannot repudiate; respective positions of Annuitants/Mortgagees, who has priority; possibility of sale of West Indian Estate or Reversion[ary] Estate.
Opinion of A Macnaghten, Lincoln's Inn. Does think will valid as appointment under settlement, and therefore Sir Philip entitled to £7444 secured on reversionary interest; need to recoup £2000 left by Dame Mary Payne. Mortgagees priority over Annuitants, because of 2 court orders. Annuitants however entitled to have estate of Sir Coventry administered and personal estate recovered. Capital sum to raise £500 per annum ought to have been raised out of the real estate; sees little difficulty in arranging matters with Henrietta Townsend's Trustees.
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