atkins case Lawley versus hooper November see Bulwer v Astley Ph Preston v  needle Ch d ante vol SC cite Amb SC cite the court of opinion the plaintiff be  in this case entitle to a redemption and that the annuity he grant ought to be  reconvey on his payment of pound with legal interest to be compute from the  saint of June the date of the deed but direct if any sum be advance for the  insurance of the plaintiff life they shall be add to the pound and carry per  cent interest from the respective time of pave the same the principal case on  this subject be as follow Barnardiston v Lingood atk Stanhope v cope atk  Willis v Jernegan ibidem longuet v scawen Ves Caverley v Dudley post Floyer v  Sperard Amb Searle v carpenter Amb gwynne v Heaton bro Charles Rep Irnham v  child ibidem Vaughan v Thomas ibidem Henley v Acton bro Charles Rep Heathcote  v Paignon ibidem Griffith v Spratley ibidem in note Lord Portmore v morris  ibidem hare v Sherwood bro Charles Rep with respect to the nature of a annuity  as distinguish from a security for money see the essay on use and trust the  plaintiff be a young son of sir Thomas Lawley decease and entitle to a annuity  of two hundred pound a year for life out of the estate of sir Robert Lawley  his elder brother for further secure of which sir Robert be only tenant for  life have likewise enter into a bind in the penalty of pound have by his  indiscretion and when about year of age involve himself in debt and be a  prisoner in the fleet and as he state by the bill have no mean of deliver  himself from a gaol and the difficulty he labour under than by dispose of the  whole or some part of the say annuity he by indenture date the first of June  sell to Roland Davenant one hundred and fifty pound a year part of the say  annuity of two hundred pound in consideration of one thousand and fifty pound  in the deed there be a proviso that if at any time the plaintiff shall desire  to purchase back the say threefourth part of the say yearly rend of two  hundred pound and shall give six month notice in write to the say Roland  Davenant his executor c and shall at the expiration of such notice pay to the  say Roland Davenant his executor c one thousand and fifty pound then all  arrear of the say annuity be pay the say Roland Davenant his executor c will  reassign to the plaintiff or his assign free from encumbrance after this deed  be ingross and when all party be meet for the execution of it Roland Davenant  insist upon a endorsement be make on the back of atkins er p the deed and sign  by the plaintiff that in case the plaintiff shall repurchase or redeem the say  threefourth part of the say annuity of two hundred pound the same shall be  upon payment of one thousand and fifty pound and seventyfive pound and all  arrear which endorsement the plaintiff charge he consent to by reason of the  distress circumstance he be in at that time when the plaintiff execute the  assignment he be in perfect health and under the age of year Mr Roland  Davenant receive the threefourths of this annuity be pound per annum to the  time of his death which happen in October and the defendant who be his  executor have receive it ever since the plaintiff have now bring this bill for  a account of what be due to the defendant as representative of Mr Davenant for  principal and interest of the thousand and fifty pound and of atkins what  defendant have pay for the insurance of the plaintiff life which by his bill  the plaintiff submit to allow and that upon payment of what shall be due the  defendant may reassign the say annuity to the plaintiff or as he shall direct  free from encumbrance with all the security give by sir Robert Lawley for the  due payment thereof the defendant who be the executor of Mr Roland Davenant  insist this be a fair transaction that it be a purchase and not a mortgage and  the plaintiff be not entitle to repurchase but on the term of the deed and  endorsement they insist Mr Roland Davenant know nothing of the plaintiff be in  gaol till after the purchase be agree for and say the reason of his insist on  the endorsement be because no time be limit in the deed for the plaintiff to  repurchase the same which be contrary to the usual form of such proviso and  that it be not worth his while to lie out one thousand guinea upon the term of  be pay off soon and they also insist that one thousand and fifty pound be the  full market price for the annuity especial as it be only secure by a personal  security in case of the death of sir Robert Lawley Lord chancellor there have  be a long struggle between the equity of this court and person who have make  it their endeavour to find out scheme to get exorbitant interest and to evade  the statute of usury the court very wise have never lie down any general rule  beyond which it will not go lest other mean of avoid the equity of the court  shall be find out therefore they always determine upon the particular  circumstance of each case and wherever they have find the least tincture of  fraud in any of these oppressive bargain relief have always be give in this  case there be two question to be consider first whether this assignment of the  first of June be to be consider as a absolute sale or as a security or loan  second whether there be any ground to relieve against it admit it to be a sale  as to the first I think though there be no occasion to determine it there be a  strong foundation to consider it as a loan of money and I real believe in my  conscience that ninetynine in a hundred of these bargain be nothing but loam  turn into this shape to avoid the statute of usury atkins here be a  extravagant young man who have be twice in prison be commit to the fleet the d  of June and discharge the saint of November be again a prisoner the that of  march and this produce the bargain the deed bear date the saint of June and he  be discharge out of the fleet the three the proviso in the deed use the word  repurchase vide Amb but there be very little difference in reality between the  meaning of the word redemption and repurchase one of the witness sparrow the  defendant solicitor use the word redemption and I take the word purchase use  in all the other deposition to be only a cant word meaning a sale or mortgage  and the endorsement on the back of the deed use the word repurchase and  redemption promiscuous which plain show that it be consider by all party as a  power to redeem but it be object that this be not to be consider as a mortgage  because there be no covenant in the deed to repay the money but that objection  be not well find for it be not necessary all Welsh mortgage be without this  covenant and so be most copyhold mortgage vide Yates v Hambley atk another  objection which have be make be that a man must be out of his sense to lend  his money upon annuity for a life which may drop the next day and speak atkins  er p abstract and mere on the nature of annuity for life there seem to be  weight in this objection but every body know that this casualty of lose the  principal be secure by insure the life upon which the annuity depend but it be  say that every life can be insure indeed the insurance office will require  different term accord to the life but still they may be insure and it S admit  that this life be a good one but there be two circumstance more which show  that this be intend and understand as a security when the party meet to have  the deed execute it be object by the lender to the term of the condition to  purchase back that it be make to be at any time and he say it be usual to  restrain it to a certain period of time what do this import it be plain the  language of a lender of a sum of money another circumstance be that he insist  upon the payment of seventyfive pound more and will have six month notice the  consequence of this be that he will have this time to find out another hand to  take his money and will have interest for his money during those six month but  upon atkins payment of seventyfive pound more he may redeem which be the same  as say you shall give I six month notice or pay I six month of the annuity  therefore upon all the circumstance I think this be and be to be take as a  loan of money turn into this shape only to avoid the statute of usury but I do  not think I be under any absolute necessity to determine this point for be of  opinion that this be such a agreement as this court ought not to suffer to  stand take it as a absolute sale a objection be make that great inconvenience  will follow from such a determination as this because it will oblige all  annuitant of this kind to sell absolute but I think no inconvenience of this  sort will ensue it will rather hinder such annuitant from sell at all and I  believe in my conscience that the difference which be now make between the  value of annuity f r one own life and that of another have be entire cause by  the dealersin these annuity but consider the circumstance of this case suppose  it a sale there be no pretence for the addition of pound this be not a  interest which be grow better on the contrary every year the plaintiff live it  be grow worse and yet he be make to agree to pay pound more for the repurchase  as if the annuity be worth more after three year of his life be spend than it  be at the time of the purchase the plaintiff be then a prisoner in the fleet  and in distress and be force to submit to these term he couldnot then oppose  they and therefore Considerthe variation of the term of the agreement as take  advantage of his distress a variation for which there be no pretence and a  most unreasonable thing if then this be unreasonable it infect the whole case  and the relief must be by set aside the whole agreement therefore I declare  that under the circumstance of this case the plaintiff be entitle to a  redemption of the sum of one hundred and fifty pound a year part of the  annuity of two hundred pound assign to the defendant testator the first of  June and that it ought to be reconvey to he upon the payment of the sum of  pound with the legal interest for the same and let it be refer to the master  to compute interest upon the say sum at the rate of per cent from the first of  June and let he inquire whether any thing have be pay by the testator in his  lifetime or by the defendant since his decease for the insurance of the  plaintiff life andlet what shall appear to have be or shall be reasonable so  pay be add to the principal sum of one thousand and fifty pound and carry  interest at the same rate from the respective time of pay and advance the same  let he also take a account of all sum of money receive by the atkins defendant  testator in his lifetime and the defendant since his decease upon account of  the say annual sum of one hundred and fifty pound and let what shall be so  find to have be receive be apply in the first place in payment of the interest  of the say sum of one thousand and fifty pound and afterward in sink the  principal and if it shall appear that the defendant be over pay then they be  to repay and refund and the defendant be to reconvey the say annual sum or  annuity of one hundred and fifty pound free from all incunibrances by the  defendant or their testator in six month after the master shall have make his  report and at such time as the master shall appoint and deliver up all deed c  and in default of payment by the plaintiff his bill to be dismiss with cost  req lib b fol atkins er p be urge for the defendant that they ought to be  allow for the insurance of the plaintiff life though it be not actual insure  but Lord chancellor will not allow it and note also he decree this redemption  as above without cost