from
Bouvier's Law Dictionary, Revised 6th Ed (1856)
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
distinguishes 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 Penna. R. 468; 4 John. 426; 5 Wend. 250; 2
P. A. Browne, 182; 1 Bailey, 486, 503. See Wagers.