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A matter of considerable importance to commercial people will be argued, in the form of a special case cited for the opinion of the Court, before Mr Justice Williams next week. By a recent decision of the Appeal Court in re Somcrville it was decided that a mortgage of stock must be given both for a present consideration and more than sixty days before bankruptcy to entitle it to the protection of the Bankruptcy Act. In the present case it is alleged that the National Bank of New Zealand, within sixty days of the bankruptcy of tho late James Shand, advanced him L 3.500 upon the security of a mortgage over sheep. Upon the decision in Somerville's case being pointed out to them, the creditors in Shand's estate passed a resolution ordering the Official. Assignee to take steps to attack that bill of sale. Proceedings were accordingly instituted, in which the National Bank are made the plaintiffs, and the Official Assignee tho defendant. The question as to the validity of the mortgage of stock is at issue. We understand that Sir R. Stout and Mr F. R. Chapman will appear for the bank; Mr Haggitt and Mr Solomon for the Assignee.

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Bibliographic details

THE BANKRUPTCY ACT., Issue 8036, 12 October 1889

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THE BANKRUPTCY ACT. Issue 8036, 12 October 1889

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