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  • Please need somebody to explain ...

    Is anyone up..on legal documents to explain the following ... please

    Memorandum of deposit of deed as collateral security
    Kendal
    14th February 1852
    Francis Graham of Strickland Roger yeoman has advanced to George Gibson [of Stainton] £600 at rate of £3 10s. % p.a. and accepted as security conveyance of estate at Low Barrows Green, [Stainton] made on 14 February 1852, between (1) Reverend Thomas Fenton of Laxey in Isle of Man and John Robinson of Elterwater, gunpowder manufacturer, (2) Thomas Webster of Kendal, glass and china merchant and (3) George Gibson of Stainton, yeoman

    I've have loads of these blooming things.....and I'm going bog eyed.

    Calling barrister OC ....... Thanks .......Jean
    Jean....the mist is starting to clear

  • #2
    Basically, it means that if George Gibson defaults on his payments, he loses his property (and so do the other chaps) because a conveyance has been made out.

    The conveyance will not be acted upon unless the borrower defaults. It is a guarantee - a bit like signing a cheque and handing it to someone, who does not present the cheque unless you default on the agreement. The other men are acting as interested guarantors - they also stand to lose if Gibson defaults.

    OC

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    • #3
      Thanks OC ..... so that means george gibson owned Low Barrow...... he leased before this date but I have letters where he says he is building a house ......... Low Barrows Green must be it....

      Thankyou.......... Barrister OC.

      Jean
      Jean....the mist is starting to clear

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      • #4
        Errrrmmm...no, it doesn't mean he owns the property necessarily. He could have a copyhold lease, or a lifetime lease. The value of that and the condition of the farm could be well over the amount loaned.

        Possibly the Rev is the real owner of the land, as so many people are involved in the conveyance.

        OC

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        • #5
          Right...... think I've got that ....... I'll have to carry on digging through about 100 items held at Kendal Archives.

          I sent for a couple of Wills @ £5 a copy ........ but i'll have to make what I can from the condensed bits on the website ...of the rest.

          thanks again
          Jean
          Jean....the mist is starting to clear

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