THE LYSNAR LITIGATION

Hawke's Bay Tribune, Volume XXIII, Issue 211, 19 August 1933, Page 4

THE LYSNAR LITIGATION

NON SUIT ON CHATTELS CLAIM JUDGMENT ON COUNTER-CLAIM GISBORNE, Aug. 18. At the Supreme Court it was announced after a conference of the parties with the Judge that a settlement had been reached in the case Lysnar versus the National Bank. The terms of the settlement arc very lengthy, the principal terms being as follow:— Plaintiff is nonsuited with costs £5O on the claim in respect of chattels, horses and land. Subject to any defence which may be involved on that portion of the case already determined by the Supreme < ’ourt and Court of Appeal (which judgment is still subject to appeal to the Privy Council), the plaintiff abandons all defences to the defendant’s counter eblllll. Judgment on the contcr-claim is to oe entered for the amount claimed (£71.990 3» lOd). together with interest, as claimed, fiom March 31, 1932, down to the date of sealing, and costs £200; but the amount of such judgment shall be subject to reduction as herinafter provided. The accounts shall be forthwith filed by the defendant in as if in this action the plaintiff had obtained judgment for the accounts. The accounts so filed are to be the accounts by the defendant as a mortgagee lawfully in possession of the lands and stock comprised in the securities held by the defendant bank, and all proceedings thereon may be taken by cither party in the samo manner as if in this action there had been included a claim for accounts against the defendant bank as such lawful mortgagee in possession. The plaintiff acknowledges that the defendant, as mortgagee, holds the stock and lands subject to certain securities and that the defendant is entitled aa mortgagee to exercise any of its powers under the said securities, in-

eluding the power of sale, and it shall not bo necessary for the defendant bank to give any notices or otherwise comply with the requirements of the Mortgagors Relief Act. The plaintiff shall prosecute with all dispatch the appeal now pending to the Privy Council. If the plaintiff should fail to prosecute the appeal, or if the appeal be determined in favour Of the defendant, then in such a case the defendant may forthwith seal the judgment for the counter-claim. Any dispute in the settlement shall be settled by Mr Justice Blair or by another judge if Mr Justice Blair is unable to act.