GUARANTEED OVERDRAFT.
ACTION IN SUPREME COURT
Per Press Association
HAMILTON, Sept. 3. The failure of the Dairy Farmers’ Union which operated for seven years led to a lawsuit among the guarantors of £IOOO overdraft at the Supreme Court to-day. Three guarantors, C. Parker, F. W. Thomas and R. A. Foreman, sued four others for a share of the guarantee. The case turned on the contention of defendants that their signatures to the guarantee were obtained on the understanding that it would not be effective unless a total of 20 signatures was obtained. Mr Justice Ostler held that this was not proved, but that it was agreed that some additional signatures be obtained, whereas only one was added. He therefore refused to make the order against two of the defendants, H. R. J. Southee and B. F. Barlow, who disputed the claim, but made an order against A. E. Fear and J. Livingstone, who had admitted liability at the beginning of the hearing.
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https://paperspast.natlib.govt.nz/newspapers/MS19290904.2.74
Bibliographic details
Manawatu Standard, Volume XLIX, Issue 236, 4 September 1929, Page 7
Word Count
162GUARANTEED OVERDRAFT. Manawatu Standard, Volume XLIX, Issue 236, 4 September 1929, Page 7
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