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MEETING OF CREDITORS.

RE DAVID YORSTOK,

An adjourned meeting of creditors in the | estate of David Yorston was held this afternoon, and was attended by some half-dozen persons. Mr J. Macgregor appeared for the debtor; Mr Barclay for Messrs Hale and Bettridge (two of the creditors). The Assignee said that since Monday's meeting he had communicated with Mrs Yorston, who had visited him, and made some explanation with regard to her property. Since then he had bad the following statement put into his hands : The properly was bought prior to January, 1885, and in Mr Yorston's own name. The transfer was made in February, 1885, direct from the vendor, John Hercus, to Mrs Yorston, so that the property was not conveyed from Yorston to his wife. It was moitgaged for L 350, and the mortgage was executed by Yorston as well as by the wife. The property having thus been bought by Yorston in his own name, and he having signed the mortgage just as he would if he were the owner, and he never having executed any transfer or conveyance to his wife, he might very naturally suppose that until he had signed some conveyance the property would still ba in his name, although he was aware that the property was intend«d to be his wife's. At any rate down to April last it was his impression that the property was inhis name, and in April bis wife called upon Messrs Duncan and Macgregor, the solicitors who had prepared the title and mortgage, and inquired whether the house was in her name or her husband's, and she was informed that it was in her name She then informed Yorston. That this was Yorston's impression is further shown by the fact that about two years ago he aßked a solicitor how much it would cost to mile the property over to his wife. At the time he bjught the property Yorston was not in debt, so that there was nothing improper in the property being put into Mrs Yorston's name, and the creditors have absolutely no claim to it. If the creditors aro satisfied with the explanation, she is prepared to hand the property over to the creditors if they ask her to do bo. She knows that at the time her husband made the statement to Mr Burt he believed the property to be in his own name, as he had never transfened it, and the trusts that this explanation will be accepted by Mr Burt and the other creditors.

It just amounted to this : Mrs Yorston would be guided by the creditors. Jf they were not prepared to accept her view of the case, then she was willing to hand the property over J but to some extent she made an appeal to the creditors. The Debtor, on being further examined, Btated that he thought same farther deed would, be necessary before the property bocame his wife's. That was his impression when he made tho statement to Mr Burt. It was about the end of April that he ascertained the property was in his wife's name. Mrs Yorston told him that she had Messrs Duncan and Macgregor's authority for saying so. He did not thereupon tell Messrs Burt that he had been mistaken in the statement that he made to them. He had instructed the solicitors to make the title out in Mrs Yorston's name, but never took the trouble to inquire whether they had fulfilled hi» instructions. He thought he would have to sign a conveyance before the property belonged to his wife. Some four or five payments (to the amount of about L 100) which were made a few months before bankruptcy were objected to by the creditors, on the ground that they were preferential; but it was explained that they were progress payments on account of contracts.

Mr Innes (representing Tapper and Co.) moved—"That if the Assignee ia advised that he has a good case, he take steps to recover the amounts paid preferentially from May 17." Mr Macgregor suggested that if Tapper and Co. wished to have a shot at a rival timber merchant (Mr Gilmour) they should do so at their own expense, and not at the expense of the general body of creditors. The motion on being put was negatived on the voices. ' It was then resolved " That Mrs Yorston's statement with respect to the property be accepted, and that the creditors take a transfer of the property as proposed." Also " That Mrs Yoraten's claim to a part of the furniture be'recognised; and the bankrupt receive his working tools." Mr Macgregor thought that as the creditors would be paid -pretty nearly in full they Bhould recommend that he get his discharge. Mr Gilmour moved—" That the bankrupt be granted his discharge on condition that the arrangement with respect to the property be carried out." Agreed to.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18890529.2.26

Bibliographic details

MEETING OF CREDITORS., Issue 7919, 29 May 1889

Word Count
814

MEETING OF CREDITORS. Issue 7919, 29 May 1889

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