JOINT AND SEVERAL

Hokitika Guardian, 25 March 1926, Page 4

JOINT AND SEVERAL

CIWIiANTF.ES CALLED CP.

HAMILTON. March 23.

Some time ago the Morrinsville Racing Club bought an area of land close to town for a. course. This was during the boom period, and the price paid was far higher than the club could lin a nee. T lnrty-a?ven members of the club gave a joint and several guarantee to the Bank of New Zealand for a. loan of £4OOO. Approximately £3OOO was received by them, but owing to the dull not meeting its obligations to the mortgagee of the land, the latter ‘dosed. The bank then called up the moiiev it advanced, together with interest. the total being £3522 8s Id. Certain of the guarantors paid in full their share ol the liability, others paid sums ranging from £2O to £2ol, hut many guarantors paid nothing. The full amount of the guarantee thus was met by those who paid. These .sued tlv.> remainder for their shares. The ease originally was heard by Air Justice Herdmnu, who ordered accounts to lie taken to delerniiiw the liability of each of the co-sureties. This was done, and to-day counsel, on behalf of fifteen plaintiff's, asked Mr Justice Ostlor for judgment in accordance with the accounts taken. No defence was. filed. Counsel remarked that two co-sure-ties, AVill in in John Corrigan and Henry Charles Jenkins, sine;' had gone bankrupt. while a A 1 nori Teni Tuhakaniinn, hail his assets all in real estate. in the judgment leave is reserved to take further accounts in the event of the future insolvency of any of the remaining defendants.