MR LYSNAR V. BANK

Hokitika Guardian, 19 August 1933, Page 5

MR LYSNAR V. BANK

AGREEMENT TERMS

THE PRINCIPAL CLAUSES.

(Per Press Association—Copyright).

GISBORNE, August 18

In the Lysnar case, the terms of the settlement, are very lengthy, the principal terms being as follows: The plaintiff is non-suited, with costs of £bo, on liis claim in respect of chattels, horses and land.

Subject to any defence which may be involved on that portion of the case already determined by the .Supreme Court and the Court of Appeal (which judgment is still subject to an appeal to the Privy Council), the plaintiff abandons all of his defences to the defendant’s counter-claim.

Judgment on the counter claim is to be entered for the amount claimed, namely, £71,990 3s lOd, together with interest, as claimed, from March 31, 1932 down to the date of sealing, and costs of £200; but the amount of such judgment still be subject to a reduction as hereinafter provided. Accounts shall be forthwith filed by' the defendant, in as if, in this action, the plaintiff had obtained judgment for- the accounts.

The accounts so filed to be accounts by the defendant,; mortgagee lawfully in the lands and stock comprised in the'securities held by■ the defendant .bank, : and' all proceedings thereon may be- taken by either party in the same manner as if, in this action, there had been included a claim for accounts against the defendant bank as such lawful mortgagee in possession.

The plaintiff acknowledges that the defendant as ' mortgagee, holds the stock and lands'subject to' certain securities, and that defendant is entitled as mortgagee, to exercise any of its nowers under the said securities, including the power of sale; and it shall not be necessary for the defendant bank to'give any notices, or otherwise to comply with the requirements of the Mortgagors’ Relief Act." ?

The plaintiff shall prosecute, with all dispatch, the appeial now pending to the Privy Council. -the :• plaintiff should fail to prosecute'this appeal, or if the appeal’ be determined in favour of the defendant, theft', hi such erase, the defendant may forthwith seal judgment for the counter-claim. kj

l Ang- dispute in tlie. settlement shall be settled by Mr Justice Blair,or .by another Judge; if Mr 'Justice. Blair' is unable to 'act. . .. ..