MORTGAGEE'S SALE

Evening Post, Volume CXI, Issue 73, 27 March 1931, Page 14

MORTGAGEE'S SALE

VALUE OF PROPERTY

An application was hoard in the Supreme Court by Mr. Justice MacCircgor by which George Albert Ji'iebig, of Gilding, stationer, and tfiebigs, Ltd., o£ Koilding, Bought to prevent Sirs. Kvoline HagglU, wife of George Edward Haggilt, o£ Palinevston North, bank manager, as mortgagee, from proceeding to sell the applicants' property in J'oilding through the Registrar of the Supreme Court. The grounds o£ the application were that the mortgagee had not made a bona fide estimate of the value or the property in her application to the Registrar of the byprcme- Court, in that her estimate was lav below the real value of the property, and she would therefore be in a position to buy it in at much less than its actual value ll no other bids were made at the sale. _ After reading the affidavits and hearing counsel for the applicants, his Honour said that on the facts before him he could not hold that any want of boua fides had been shown on the part o£ the mortgagee in making her estimate of value ■as the amount due to her, as she had sworn that she considered that the property had now fallen in value, and was only worth the present amount owing on the mortgage. His Honour refused the application to prevent the sale. Costs .-C3O 10s and disbursements were allowed to the mortgagee. At the hearing, Mr. W. H. Cunningham, appeared for the applicants, and Mr. A. M. Ongloy, of Palmerston North, for the mortgagee.