B mortgaged his shares in a tea company to C, who
wished to become the sole broker for company.
B undertook in writing to endeavour to keep claimant as
broker and pay compensation should tea not be sold through him.
Mortgage paid off.
Shares then mortgaged to different mortgagee.
This mortgagee ousted claimant from his position as
C sued B.
House of Lords held by bare majority that the covenant
was void as a clog on equity of redemption.
line of reasoning.