PURCHASE OF FARM

Auckland Star, Volume LXIV, Issue 283, 30 November 1933, Page 10

PURCHASE OF FARM

COURT ORDER SOUGHT. A FAMILY ARRANGEMENT. COMMENT BY JUDGE. (By Telegraph.—Own Correspondent.) HAMILTON', this day. An application for an order sanctioning a family arrangement for the sale and purchase'of a property of ,I2S acres at Matangi, bequeathed under the will of the late Charlotte Bettley, widow, of Hamilton, was heard before Mr. Justice Henlman in the- Supreme Court to-day. Mr. E. V. Stace appeared for plaintiff. John Bettley, son of deceased, stated that the will provided for the sale of the farm and £3000 of the proceeds to be invested and the income paid to plaintiff, after his death the income to go to his children, if any, or the residue of the estate. The farm was subject to a Government mortgage of £2471, and it would be necessary to raise £3000 over this to sell the farm for £5471. After his mother's death in April the trustees found they were unable to sell the farm to provide such return, and. Bettley offered to buy it at the full price, taking over the mortgage and consenting to a second mortgage to secure £3000. No interest was necessary, as plaintiff was entitled to it.

His Honor expressed dissatisfaction with such a mortgage and considered all sorts of complications might arise after Bettley's death. There was no indication of the term of mortgage. Sir. F. A. . Delamore, for possible children of John Bet tley, and Mr. C. A Speight, for all other beneficiaries, agreed with the arrangement. The Court adjourned the application till next week, ordering the registrar to report on the matter.