A PROMISSORY NOTE.

Auckland Star, Volume LIV, Issue 287, 1 December 1923, Page 7

A PROMISSORY NOTE.

QUESTION OP ENDORSEMENT. COURT RESERVES DECISION. An action of importance to the business community was heard before his , Honor, Mr. Justice Stringsr, at the [Auckland Supreme Court yesterday, j when Alfred Buckland and Sons. Ltd. j (Mr. Beckerleg. sued Elizabeth Ratliboiic Wilson (Mr. R. McVeagh and Mr. Reyjburn) as administratrix in the estate of Henry Spear Wilson and S. E. Vaile. for recovery of moneys due or alleged to be due under a promissory note (dated .1015), of which it was claimed the .deceased had been an endorser. The .defence was that the bill at the jtime of the endorsement, a complete and .regular bill, and that hence the defendant was not liable thereon as endorser. I Counsel pointed out that the person receiving the substantial accommodation was Mr. Wilson and not Mr. Vaile, as far as the auctioneers were concerned. . Mr. Wilson subsequently received exI tended time to meet the bill. In 1917, [after the incorporation of the plaintiff company, Wilson came with Vaile and a payment was made on account in respect of the note, and further time granted. Wilson died in 1918. Mr. Beckerleg announced that he had 'obtained an endorsement by Mr. Bucki land as for Alfred Buckland and Sons, j without recourse, which endorsement was | obtained that morning, and that he | would argue it was competent for such [endorsement to be placed upon the note , even after action brought, and would also ask his Honor to reserve leave for the endorsement of the plaintiff company to be added should this be deemed necessary . Mr. McVeagh quoted authorities in support of his contention that the hill, being incomplete at the time of tbe endorsement, the endorser was not liable. He suggested that it was not seriously contended the cancellation of the stamp on the bill was relied On as an endorsement, but Mr. Beckerleg stated that he did very strongly rely upon this endorse- '■ ment.

At the end of the hearing his Honor remarked that as far as he could discover the defence had no intrinsic merits. Several interesting and highly technical problems had been raised, and he would consider same.