DISTRICT COURT.

Nelson Evening Mail, Volume XIII, Issue 256, 5 November 1878, Page 2

DISTRICT COURT.

[Before His Honor Judge Broad], Re Web ley Bros, ex parte Walters. His Honor delivered the following judgment ia this case:—" Under our New Zealand Bankruptcy laws there is no method by which securities can be valued. It appears therefore that a mortgagee having a power of sale can, in the event of the insolvency of the mortgagor, pursue one of two courses, he can sell tti© secwity or apply to the Court

to prescribe some method of valuing it. It is not necessary when there is a power of sale to apply to the Court for leave to exercise that power. There being no prescribed method by which a secured creditor can be compelled to have his securities valued, and as he is at liberty to sell under his power without leave from the Court, there seems to be nothing in the contention that the value of Mother's personal covenant ought to have been ascertained. The effect of selling the security is probably this, that Walters might be restrained from suing llother upon his covenant. (Walker v. Jones, L.ll. 11\ C. 50). It appears from the affidavits that Watters lawfully exercised his power of sale with perfect fairness and after giving sufiicient notice. It seems therefore quite equitable that he should prove for the balance due to him. His letter of February cannot be taken as a definite valuation, it was more in the nature of an offer which the Trustee did not choose to accept. Let the proof be admitted accordingly. The summons is dismissed with costs. lie Jonathan Lewii, deceased. Upon the motion of Mr Fell, probate of the will of the late Jonathan Lewis was granted to Henry Lewis, the sole executor, the property being sworn under £6000.