INTERESTING.

Feilding Star, Volume V, Issue 1289, 15 September 1910, Page 4

INTERESTING.

ABOUT THE LUPTON'ESTATE

AND FAMILY

(PEE PBKSB ASSOCIATION.)

Wellington, Sept. 14. Proceedings connected with the disposal of the estate of the late Isaac Lupton, dairy farmer, of Waverley, Taranaki, reached the-Supreme Court to-day, Mr Justice Chapman hearing in Chambers an application made by the trustees under the will that part of the real estate might be mortgaged. Three sons of the testator—John, Isaac and George Lupton—were the petitioners, and in their statement of facts they pointed out that the testator hacl died on Sepeniber 29 last. The widow (Margaret Lupton) still lived on the dairy farm at Waverley and ten children, with the exception of a married daughter, also resided on the farm. The net, total of the testator's estate at the time of his death was given at £34,711 5s 4d. The trustees had sold a portion of the estate, but had not yet disposed of the jeal estate, which comprised in all 1075 acres, near Waverley, which was the subject of mortgage with the Bank of New South Wales to secure current account advances with a limit of £12,000. Prior to his death, the testator had converted the whole of his property into a dairy farm, installing milking machines and erecting a cheese factory. After the death of the testator the family carried on the farm and factory with successful- results. The trustees wero of opinion that it would be impossible at present to sell the farm and cheese factory at an adequate price. A sum of £8807 3s was owing to the Bank, and the trustees considered it advisable that they should open a current account with the Bank to borrow (1) money to repay the £8867 3s, and (2) such further sums on current account as might bo required to carry on (farm and factory, the limit of the overdraft not to exceed £12,000. For this purpose the trustees asked the Court to sanction a mortgage of the dairy farm and factory to the Bank, tho mortgage to be in the form of current account advance, in order that interest might be saved on large sums which would bo from time to timo available during the dairying season. The Court granted the request contained in the petition, giving liberty to all parties to apply from time to tinie as to the sale of property and any other matters that might 'arise, and costs of all parties were ordered to be paid out of tho estate.