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14 The Rule in Cherry V Boultbee

From: Derham on the Law of Set-Off (4th Edition)

Rory Derham

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 02 June 2023

Mutuality of claims — Bank of England — UK Financial Services Authority (FSA) — Securities — Debt
14.01 The notion which underlies the equitable principle (commonly called the rule) in Cherry v Boultbee1 is that: ‘where a person entitled to participate in a fund is also bound to make a contribution in aid of that fund, he cannot be allowed so to participate unless and until he has fulfilled his duty to contribute.’2 It is an illustration of a more fundamental principle of equity, that he who seeks equity must do equity.3 Many of the cases concerned with Cherry v Boultbee have involved a debtor of a deceased person who is entitled to a pecuniary legacy under...
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