SETTLED OUT OF COURT.

Dominion, Volume 4, Issue 1160, 22 June 1911, Page 2

SETTLED OUT OF COURT.

THE SILVEESTKEAM LAND CASE. . The case- of W. E, Redstone v. the Silverstrcam Land Co., which was to havo been further heard by Mr. Justice Sim. yesterday, .lias been settled out ,of Court. The plaintiff in this cas-e claimed interest under an agreement for the sale of land, while defendant eounterclaimed for rescission of agreement and taking of no. counts. At tlio partial bearing of the case Mr. 11. D. Bell,". K.C., with him Mr. 11. 13. Anderson, appeared for plaintitT, and Mr. C. B. Morison, with him Mr. A. do B. Brandon, junr., for defendant company. The terms of settlement are as under:— (1.) Sale rescinded without prejudice to paragraph ,7. (2.) The company to be . repaid all amounts paid by it for principal, interest, rates, and land tax, less net receipts of the company from sales and rents. (3.) Vendors to pay JilSO by promissory notes at three months, and to 1)0 allowed thr'eo years to pay balance-, two years without; interest, in order that they 'may make arrangements for sales of propert v, and the third at 5 per cent. (■l.) Vendors to give security if required over land, and meantime to agree to morU gnge. (5.) No costs. (0.) Company to join in sales, but all' moneys paid by purchasers to bo paid t» oompany. • (".) All' sales' already made by tho company stand as if the sale bad not been rescinded (subject to any lelenso of agreement already made by the company), and the vendors to have the right to uso the name of the company to enforce any agreement,