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Report No. 57

3.5. Supply of money basis of rule.-

In truth, this rule has its origin in the natural presumption1 in the absence of all rebutting circumstances, that he who supplies the money means the purchase to be for his own benefit, rather than for that of another; and that the conveyance in the name of the latter, is a matter of convenience and arrangement between the parties, for other collateral purposes. The same doctrine is applied to cases where securities are taken in the name of another person, as, if A takes a bond in the name of B, for a debt due to himself, B will be a trustee for A for the money.2

1. Story Equity Jurisprudence, (1919), p. 507, para. 1201.

2. (a) Ebrand v. Dancer, 2 Ch C 26: SC 1 Eq Abr 382 pl 11: 2 Mad Pr Ch 101.

(b) Lloyd v. Read, IP Will 607.

(c) Rider v. Kidder, 10 Ves 366.

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