Identity area
Type of entity
Authorized form of name
Parallel form(s) of name
Standardized form(s) of name according to other rules
Other form(s) of name
Identifiers for corporate bodies
Description area
Dates of existence
History
The Equitable Reversionary Interest Society was formed under a Deed of Settlement of 1835 to purchase reversionary interests in real and personal property of whatever kind, to purchase or grant loans at interest secured on life insurance policies, and also to borrow or raise and secure the repayment of money, in particular by the issue of debentures or debenture stock.
The Society was similar in its aims and organisation to the successful Reversionary Interest Society which had been established 12 years previously. The reversionary interest societies were popular because they allowed clients to exchange the certainties of wealth in the future for cash in the present, or to raise loans on them. The societies wished to purchase reversions with a view to making a profit between purchase and recovery (when the reversion had "fallen in" and the property was "recovered"). The profit would be appropriated to the payment of dividends or to reserves (as would that gained from loans etc.)
In 1879, the Equitable Reversionary Interest Society became a company limited by shares. The Society was acquired in 1920 by the Equitable Life Assurance Society which had also purchased the Reversionary Interest Society in the previous year. Thereafter the fortunes of the two reversionary interest societies were complementary. New business was brought to an end in 1977, although the Equitable Life Assurance Society continues to look after current business.
The Society's head office was located as follows: 10 Lancaster Place (1835-1920); 30 Coleman Street (1920-4); 19 Coleman Street (1924-66); and 4 Coleman Street (1966 onwards).