I -v- J [2016] JRC 118 (11 July 2016)

I -v- J [2016] JRC 118 (11 July 2016)

On the balance of probabilities, there was a binding agreement between the parties that the Defendant would pay the Plaintiff £50,000 in exchange for the transfer of her share in X Limited, even though she held the share as a nominee. The Defendant has not paid the agreed sum, and is therefore liable to the Plaintiff for £50,000 plus interest from the date of transfer.

Citation
[2016] JRC 118
Parties
Plaintiff: I; Defendant: J
Jurisdiction
Jersey
Judgment Date
11 July 2016
Procedural Posture
Civil / Judgment
Outcome
Claim allowed
Legal Topics
Contract Formation, Nominee Shareholding, Unmarried Cohabitation, Enforceability of Oral Agreements, Unjust Enrichment
Contract Law Family Law Contract Formation Nominee Shareholding Unmarried Cohabitation Enforceability of Oral Agreements Unjust Enrichment

Case Brief

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Parties

I

Plaintiff

J

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether there was a binding agreement for the Defendant to pay the Plaintiff £50,000 for the transfer of her share in X Limited
  2. 2 Whether the Plaintiff held her share as a nominee or beneficial owner
  3. 3 Whether the Plaintiff is entitled to payment under contract law principles

Ratio Decidendi

On the balance of probabilities, there was a binding agreement between the parties that the Defendant would pay the Plaintiff £50,000 in exchange for the transfer of her share in X Limited, even though she held the share as a nominee. The Defendant has not paid the agreed sum, and is therefore liable to the Plaintiff for £50,000 plus interest from the date of transfer.

Court Disposition

Claim allowed

Orders

  • Defendant to pay Plaintiff £50,000 plus interest at the Court rate from June 2011 until payment