Definition of STAKEHOLDER,


STAKEHOLDER,

contracts. A third person, chosen by two or more
persons, to keep in deposit property, the right or possession of which is
contested between them and to be delivered to the one who shall establish his
right to it. Thus each of them is considered as depositing the whole thing.
This distin-guishes this contract from that which takes place when two or more
tenants in common deposit a thing with a bailee. Domat, Lois Civ. liv. 1, t. 7,
s. 4; 1 Vern. R. 44, n. 1.


2. A person having in his hands money or other property claimed by
several others, is considered in equity as a stakeholder. 1 Vern. R. 144.


3. The duties of a stakeholder are to deliver the thing holden by him
to the person entitled to it on demand. It is frequently questionable who is
entitled to it. In case of an unlawful wager, although be may be justified for
delivering the thing to the winner, by the express or implied consent of the
loser; 8, John. 147; yet if before the event has happened he has been required
by either party to give up the thing deposited with him by such party, he is
bound so to deliver it; 3 Taunt. 377; 4 Taunt. 492; or if, after the event has
happened, the losing party give notice to the stakeholder not to pay the
winner, a payment made to him afterwards will be made in his own wrong, and the
party who deposited the money or thing may recover it from the stakeholder. 16
S. & R. 147; 7 T. R. 536; 8 T. R. 575; 4 Taunt. 474; 2 Marsh. 542. See 3
Penns. R. 468; 4 John. 426; 5 Wend. 250; 2 P. A. Browne, 182; 1 Bailey, 486,
503. See Wagers.




Source: Bouviers Law Dictionary 1856 Edition

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