A TARANAKI ESTATE.

Taranaki Daily News, Volume LIII, Issue 135, 16 September 1910, Page 2

A TARANAKI ESTATE.

POWERS ASKED GF THE SUPREME COURT. By Telegraph.—Press Association. Wellington, Wednesday. Proceedings connected with the disposal of the estate of the late Isaac Lupton, dairy farmer, of Waverley, Taranaki, reached the Supreme Court today, Mr. Justice Chapman hearing in Chambers an application made by the trustees .under the will that part of the leal estate might be mortgaged. Three sons of the testator, John, Isaac, and George Lupton, were petitioners, and in their statement of facts they pointed out that testator had died on September 29th last. • His widow, Margaret Lupton, still lived on the dairy farm at Waverley, and ten children, with the exception of a married daughter also resided on the farm. The net value of testator's estate at the time of his death was given at £34,711 5s 4d. The i trustees had sold a portion of the estate but had not yet disposed of the real estate, which comprised in all 1075 acres, near Wiverley, which was the subject of mortgage with the Bank of I New South Wales to secure current account advances, with a limit of £12,000. I Prior to his death testator had convertled the whole of his property into a 1 dairy farm, installing milking machines and erecting a L cheese factory. After the death of testator, the family carried on the term and factory with successful results. The trustees were of opinion that it would be impossible at present to sell the .farm and cheese factory at an adequate price. The sum of £8867 3s was owing to the Bank, and trustees considered it advisable that they should open a current account with the Bank to borrow: (1) Money to repay the £8867 3s, and (2) such further sums on current aecount as might be required to carry on the farm and factory, the limit of overdraft not to exceed £l2/WO. For this purpose the trustees asked the Court to sanction the mortgage of the dairy farm and factory ; 'to the Bank, the mortgage to be in the order that interest might be saved on | large sumß which would be from time to .time available during the dairying season. Mr. Myers appeared for the trustees and Mr. A. Gray for other beneficiaries. The Court granted the request contained in the petition, giving liberty to all parties to apply from time to time as to the sale of the property and other matters that might rise. The costs of all parties was ordered to be paid out of the estate.