SETTLEMENT REACHED IN LYSNAR CLAIM

Manawatu Times, Volume LIV, Issue 7239, 19 August 1933, Page 7

SETTLEMENT REACHED IN LYSNAR CLAIM

Bank Secures Judgment On Counter Claim

CLAIM BY PLAINTIFF NON-SUITED Por Press Association. GISBORNE, Last Night. In the Supremo Court it was announced, after a conference of the parties with the Judge, that a settlement had been reached in tho case, W. D. Lysnar v. tho National Bank. Tho terms of sottlcmcnt arc lengthy, tho principal terms being as follow: Plaintiff is non-suited with costs £SO on tho claim in respect of the chattels, horses and laud. Subject to any defence which may be involved on that portion of tho case already determined by the Supreme Court and Court of Appeal (which judgment is still subject to an appeal to tho Privy Council) the plaintiff abandons all defences to defendant’s counterclaim.

Judgment on the countor-claim is to be entered for tho amount claimed, £71,990 3s lOd, together with interest as claimed from March 31, 1932, down to the date of scaling and costs £2OO, but the amount of such judgment shall be subject to a reduction as hereinafter provided. Accounts shall be forthwith filed by defendant as if in this action plaintiff had obtained judgment for accounts, the accounts so filed to bo the accounts by defendant as mortgagee lawfully in possession of the lands and stock comprised in the securities held by defendant bank, and all proceedings thereon may bo taken by cither party in the same manner as if in this action there had been included a claim for accounts against tho defendant bank as such lawful mortgagee iu possession. Plaintiff acknowledges that defendant as mortgageo holds tho stock and lambs subject to certain securities and that tho defendant is entitled as mortgagee to exorcise any of its powers under the said securities, including tho power of sale, and it shall not be necessary for defendant bank to givo notices or otherwise to comply -with tho requirements of tho Mortgagors’ Relief Act. Plaintiff shall prosccuto with all despatch tho appeal now pending to the Privy Council. If plaintiff should fail to prosecute the appeal, or if tho appeal be determined in favour of defendant, then in such case defendant may forthwith seal the judgment for the counter-claim. Any dispute in the settlement shall bo settled by Mr. Justice Blair or by another Judge if Mr. Justice Blair is unable to act.