TRANSFER OF BONDS.

Hawera Star, Volume XLV, 15 July 1925, Page 9

TRANSFER OF BONDS.

COURT'S DECISION REVERSED. SIGNATURES DECLARED FORGERIES. 8Y CABLE—PRESS ASSOCIATION —COPYRIGHT. Received July 15, 2.5 p.ni. LONDON, July 14. The First Division Court at Edinburgh reversed Lord Ashmore’s decision in favour of the Bank of England, relating to the late John AYilson’s transferred bonds, in which the question of guilt or otherwise of David Anderson cropped up. The Lord President emphasised that Wilson, for two had not signed papers, the signatures)on which were in a feigned hand. —Reuter.

The executors of the late John Wilson, M.P., Edinburgh, sued the Bank of England at Edinburgh Court session, claiming £60,000, the action involving an important issue relating to liability for the legality of .share transfers. The action is based on the fact that the bank accepted transfers of stocks and bonds, the property of Wilson. which had been iorged by David Anderson. The bank pleaded to have shown reasonable care, while Wilson’s acceptance of the diminished yield from the shares ratified the transfers. Evidence was given that Wilson, owing thins failing eyesight in 1920, employed Anderson, who was then a student, to read to him. Anderson is now underegoing seven years’ penal servitude for forgeries, which were only discovered after Wilson’s death in 1922. Lord Ashmore held that there had been no forgery by Anderson, who had Wilson’s authority to sign transfers. The ease revealed that Wilson systematically made false income- tax and super tax returns for years, and returned his income at £SOOO instead of £20,000. Anderson’s expensive mode of living, his heavy betting and his purchase of lyotor-cars supported the trustees’ suspicions that he was misappropriating Wilson’s money. It. was not proved that Anderson accounted for bond s and stocks realised for Wilson , but this was not the issue in the present case. Lord Ashmore’s decision proved that Anderson wa s not guilty of forgery and uttering, for which he is now undergoing a sentence of seven years’ penal servitude. This decision has now been reversed.