Coventry and District Permanent Money Society

[Barquentine]

I was executor of my Gran's estate. I distributed all the money to the beneficiaries and completed the task. There is one document left over and I don't know what it is.
It might be a promissory note and I think it represents a loan to my Grandfather (who predeceased her) but it would be helpful to find out if that's correct or if not, whether it represents more funds I was supposed to collect in. The 'Money Society' no longer exists and even Coventry Building Society did not know what this piece of paper is!

It says 'On Demand we jointly and severally promise to pay Albert Henry Jarrard and Andrew Arthur Randell or other Trustees of the Cov and Dist Perm Money Soc ...the sum of Fifty Pounds'. It's signed by my Grandfather and four sureties.

That makes me think it's a loan of £50 to my Grandad (on 1 Nov 1938!).

On the back though it says 'Shares ... ... £50: - : - and 'Purchase Price' £10:10:- and shows a balance of "£39:10: -

Does anyone have any idea what this document is? It has a red stamp on the front which says "Bill or Note" and "Six Pence".

Any suggestions gratefully received!
thanks.

[wolf63]

I had a look around the internet with the help of Mr Google. Have you tried asking these people if they can help?

http://www.ifa-guide....ce-society-17553.html

If not then perhaps another AB person will be actually know the answer and be able to help you.

[twix123]

The Coventry and District Permanent Money Society is listed on the Financial Service Authority's Mutuals Register as having been registered under the Friendly Societies Act 1974, but they deregistered on 25th July 1974, which would seem to indicate that they were wound up at that time.

If I remember, a six penny stamp would indicate that this document is a contract, whereas a receipt would have a two penny stamp on it, but I could be incorrect.

From what you say about the information on the back of the certificate, I would think that your Grandfather and the four others may have bought shares to a nominal value of £50 in the society, paying a first tranche of 21%. They may have been called upon to pay further tranches at a later date, although the 2nd World War may have put paid to this process, especially with the bombing of Coventry.

From 1 December 2001 the FSA took over the functions of the Central Office of the former Registry of Friendly Societies, but they do not seem to have made much progress with copying old documents, but if they hold any information this would be quite expensive to obtain.

I would be inclined to regard this document as having no value other than sentimental.

[Buenchico]

I thought about trying to answer this question earlier but I lacked the sort of information provided by Twix123, so I decided not to.

However, now that you've got some historical background, I'll throw in my two-penny worth.

It occurs to me that a signed document, promising to pay (upon demand) any particular sum, would normally be held by the person (or company) who might wish to 'call in' that payment. If such a document is in the possession of a signatory to it, it suggests that the payment has already been 'called in' (or the financial relationship between the two parties otherwise brought to an end) and the document returned to the person who signed it. i.e. it's akin to a person who has signed an IOU being given his IOU back when he's repaid the sum which was loaned to him.

So, as Twix123 suggests, it would seem that the document's value is only 'historical' or 'sentimental', but not financial.

Chris

[Barquentine]

Many thanks for all three answers. Twix123, your background info was very helpful and Buenchico sorted out my confusion over why the borrower of what I thought was a promissory note was in possession of it. And if as Twix123 explained it represents a part payment for shares I expect those shares must now be valueless since that Society was deregistered.
I'm very grateful for your help in sorting out this mystery. I would have attached a scan of the document but I don't think this website provides for attachments.
Cheers,
Barquentine.

[dzug2]

Well there were 3 possibilities when the Society was wound up:

its assets were distributed at the time
it didn't have any assets to distribute
it was taken over

If the last then https://mutuals.fsa.gov.uk/ may be able to help but as twix123 says at a cost

But the lack of any other documents in your Gran's possession strongly suggests the first two options and that this particular document was kept as a souvenir.