AN IMPORTANT ACTION.

Waikato Times, Volume XXII, Issue 2621, 30 April 1889, Page 2

AN IMPORTANT ACTION.

Blexiikuf, Monday. An interesting and important cusn, the Bank nf New Zoaland v, Tims Hortmi. i> niiw proceeding, tho claim is one of Jt'J.IMS, for advance and overdraft extending over several years, Tho defendant pleaded a general denial, Mr Connolly and Mr Jolin Connolly were for the plaintiff, and Messrs Gully and Rogers for the defendant. Defendant consented to a judgment for the amount and costs in this case being given against him on condition of execution being stayed until another action Horton v, the Bunk had been heard. This action was then culled on and turned out to bo of a singular and interesting character. On the Ist of January, 18S7, the bank closed the general account and a No. 2 account was opened fur further advance*. On this second account Horton deposited the deeds of two pieces of roivn land, Horton says it was agreed distinctly that such deeds were deposited as security for advances on No. 2 account only. The bank allege that it was agreed *.hat they were to be security for Norton's general indebtedness on the old account also. J lorton alleged that there was an alteration of the date of the agreement to which he had not consented. Mr (iully made a long and lucid opening. LatiT on in the case of Horton v. Bank of New Zealand, a point of great interest was rjixed by Air (iully. To-day he argued that the bank had no right by the terms of its articles of association to take security for a further indebtedness. Tlie judge reserved consideration of the point which excited considerable interest in Court.