COMMISSION ON LOAN.

Shannon News, 19 February 1929, Page 1

COMMISSION ON LOAN.

FINANCIAL AGENT’S CLAIM.

Reserved judgment was delivered on Wednesday ,by Mr, T. B. McNeil, •S.M.. in the Wellington Magistrate’s Court in the case of A. W, Gibson and Co., Ltd., financial agents, v. E. ,T. Egdell, of Otaki, motor driver. The plaintiff company claimed from defendant £5.1 Is tid, being £SO alleged to be duo for commission for arranging a loan of £350 and £1 Is 6d disbursements incurred by plaintiff on behalf of defendant, in arranging the loan, which plaint iff alleged it did arrange under a written authority, giyep .to at. by. defendant, dated November 22nd, 1927. “Mr. Gibson, managing-director of the plaintiff company,” said the Magistrate in his judgment, “admits that on the treaty, between him and defendant it was known by him for what purpose defendant required the loan and that defendant was making efforts elsewhere to ; get the money, that he acquiesced iu defendant doing so, and I find the bargain between them was that the defendant would take the money that was first offered. The defendant adopted this course and accepted the loan raised by another firm. The defendant was not informed until December 3rd, 1927, (the day known by plaintiff to be the date fixed for completion of defendant’s purchase) that plaintiff could find the money. By that time defendant) had . accepted other money and had paid it over and completed his purchase.- The plaintiff, therefore, was too late with his, loan and for this reason is not entitled to recover, a fee. Plaintiff, however, die obtain and pay for. on behalf of defendant, a valuation. of the proposed, security and is entitled to be reimbursed that sum. I therefore give judgment for the plaintiff for the valuation fee £1 Is 6d and Court costs, 10s onlv. ”

At the hearing, Mr. Fitzherbert ap pcared for ’ plaintiff and Mr. C. F. Atmore (Otaki), for defendant. /