Difference between revisions of "Nicholas's Executors v. Tyler"
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==Background== | ==Background== | ||
| − | Robert Carter Nicholas was a trustee of Philip Johnson’s estate. Before the Revolution, an act of | + | Robert Carter Nicholas was a trustee of Philip Johnson’s estate. Before the Revolution, an act of Assembly vested Johnson’s property’s causing Nicholas to sell the land and lend any remaining funds as the General Court should direct. In November 1771, Nicholas sold part of the property, consisting of houses and lots in Williamsburg, to Mann Page for £803 and took a bond for that sum. Page resold the land to John H. Norton for £600 who used Nicholas as his surety. A time later, a suit was filed to settle Johnson’s trust. The bond between Norton and Nicholas was devised to Tyler. On February 11, 1801, Nicholas gave Tyler a bond to satisfy the principal and interest. However, Tyler and Nicholas disagreed about the value of bond, particularly whether the scale of depreciation for the bond was liable to the scale of 1777. |
===The Court's Decision=== | ===The Court's Decision=== | ||
| − | Chancellor Wythe believed that Norton and Nicholas’s bond, though executed in 1777, was not liable to the scale of depreciation and decreed accordingly. The Court of Appeals unanimously affirmed. | + | Chancellor Wythe believed that Norton and Nicholas’s bond, though executed in 1777, was not liable to the scale of depreciation and decreed accordingly. The Court of Appeals unanimously affirmed. |
==See also== | ==See also== | ||
Latest revision as of 09:36, 31 March 2022
In Nicholas's Ex'rs v. Tyler, 11 Va. (1 Hen. & M.) 331 (1807),[1] the court determined the value of depreciation used to satisfy a pre-revolution bond.
Background
Robert Carter Nicholas was a trustee of Philip Johnson’s estate. Before the Revolution, an act of Assembly vested Johnson’s property’s causing Nicholas to sell the land and lend any remaining funds as the General Court should direct. In November 1771, Nicholas sold part of the property, consisting of houses and lots in Williamsburg, to Mann Page for £803 and took a bond for that sum. Page resold the land to John H. Norton for £600 who used Nicholas as his surety. A time later, a suit was filed to settle Johnson’s trust. The bond between Norton and Nicholas was devised to Tyler. On February 11, 1801, Nicholas gave Tyler a bond to satisfy the principal and interest. However, Tyler and Nicholas disagreed about the value of bond, particularly whether the scale of depreciation for the bond was liable to the scale of 1777.
The Court's Decision
Chancellor Wythe believed that Norton and Nicholas’s bond, though executed in 1777, was not liable to the scale of depreciation and decreed accordingly. The Court of Appeals unanimously affirmed.
See also
References
- ↑ William Hening and William Munford, Reports of Cases Argued and Determined in the Supreme Court of Appeals of Virginia: With Select Cases, Relating Chiefly to Points of Practice, Decided by the Superior Court of Chancery for the Richmond District, (Flatbush (N.Y.) I. Riley, 1809)1:331.
