Author Topic: is this a loan?  (Read 911 times)

Offline chris_49

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is this a loan?
« on: Thursday 26 April 18 16:00 BST (UK) »
This is a transcript of a document that someone brought into my family history session. The document itself appears to be a trancript.

"Be it known that I John Moughton of 8 Bishop Street, Kates Hill Dudley in the county of Worcester, Miner, am bound and do hereby bind myself to Frederick Jenkins of Castle Street, Dudley aforesaid, Victualler in the sum of fifty pounds to be paid to the said Frederick Jenkins, his executors, administrators or assigned.

Sealed by my seal [ missing! ]
Dated the 15th day of [ blank ]
One thousand eight hundred and ninety four

Dated 15th March 1894
Mrs Betsy Moughton
with
Mr Fredk Jenkins"

If this is a loan, it seems odd that Fred is not necessarily expecting to get his money back during his lifetime, nor is there any mention of interest.

Some background - this is nothing to do with apprenticeships - Moughton was a mature adult at the time. I'm informed that shortly afterwards, he emigrated to the USA, and Betsy remarried, possibly bigamously, in Accrington (this is how my contact is related). If it is a loan, it seems unlikely that Fred ever got any of his money back.
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Offline ShaunJ

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Re: is this a loan?
« Reply #1 on: Thursday 26 April 18 16:26 BST (UK) »
It's a bond, so yes it appears to be documenting a debt owed to Frederick Jenkins.
UK Census info. Crown Copyright, from www.nationalarchives.gov.uk

Offline Nick_Ips

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Re: is this a loan?
« Reply #2 on: Friday 27 April 18 23:45 BST (UK) »
I wouldn't read too much in to the wording "his executors, administrators or assigned".

None of us know when we might go, so even for a young person expecting a loan to be repaid in a short period of time I would still expect to see wording which dealt with scenarios including death and bankruptcy.

It avoids any ambiguity - always worth doing in any legal agreement  ;)

Offline Rena

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Re: is this a loan?
« Reply #3 on: Saturday 28 April 18 02:23 BST (UK) »
That was a lot of money, so he obviously thought he was off to make his fortune.  Did he end up in Arizona to join the gold rush?

"Cornishman James Pearce discovered gold in southern Arizona in 1894 and had a town named after him for his efforts."
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