Shaw v Jack (Privy Council Appeal No. 110 of 193-)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The Privy Council held that where money is invested upon a mortgage, an agent is not liable in negligence for a fall in value of the mortgaged property which could not have been foreseen, if the value of the property at the time the investment was made was adequate. Although the appellant solicitor should have obtained a professional valuation, the loss suffered by the respondent was due to an unforeseeable market slump rather than the appellant's negligence. The security was adequate when the advance was made in August 1926.
Outcome
Original dismissal of the professional negligence claim restored; respondent's claim for deficit under mortgage decree rejected
Facts
The respondent, a Kenya civil servant, arranged with the appellant solicitor to invest money during his absence in England in 1926. In August 1926, the appellant invested £2,200 on mortgage of a 1,174-acre farm in the Trans Nzoia district belonging to Mrs. Driscoll. The respondent returned to Kenya in October 1926, by which time farm land values were depreciating greatly. Unable to realize the security, the respondent brought the property to sale in March 1929, fetching only £1,800, leaving a deficit of approximately £660. The mortgagor was subsequently adjudicated bankrupt. The respondent sued the appellant for professional negligence, claiming the deficit. The trial court dismissed the suit, finding the security adequate at the date it was taken. The Court of Appeal reversed, holding the appellant negligent for failing to obtain a professional valuation.
Issues
- Whether an agent who invests money on behalf of his principal is liable in negligence for a fall in the value of mortgaged property that could not have been foreseen at the time the investment was made.
- Whether the appellant solicitor was negligent in failing to obtain a professional valuation before advancing money on mortgage security.
- Whether the security was adequate at the date the mortgage was taken.
- Whether the insufficiency of the mortgagor's personal covenant constituted negligence by the appellant.
Orders
- Appeal allowed.
- Decree of the Court of Appeal discharged.
- Decree of the trial Judge restored.
- Respondent to pay the costs of the appellant in the Court of Appeal and before the Privy Council.
Rules and key headnotes
Legislation cited (1)
- Indian Transfer of Property Act 1882 s.90
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.