LYSNAR CASE

Nelson Evening Mail, Volume LXVI, 21 August 1933, Page 5

LYSNAR CASE

A SETTLEMENT REACHED (By Telegraph—Press Association) ” GISBORNE, 18t;h August:' The parties in the action between William Douglas Lysnar and the National Bank, after being engaged in further conferences with Mr. Justice Blair in chambers for several hours this morning, arrived at a settlement. The terms of the settlement are very lengthy, the principal terms being as follows: The plaintiff is nonsuited with costs £SO on a 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’ Court!"Mid Court.'.,of Appeal (which judgment is still subject to appeal to the Privy Council) the plaintiff abandons all defences to the defendant’s counter-claim." Judgment-.,0n the counter-claim to be" entered for the. amount claimed, £71,990.. 3s 10d, together with interest as claimed from 31st March, 1932,' down to the., date-.of sealing, and costs £2OO, but the amount of such judgment shall be subject--to reduction as hereinafter provided. Accounts shall be forthwith _ filed by the defendant as if in this action the plaintiff had obtained judgment for accounts. The accounts so filed are to be accounts by the defendant as mortgagee lawfully in possession of lands and stock comprised in the securities held *by,the defendant bank, and all proceedings thereon may be taken by either party in the same 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 stock and lands subject to certain securities, and that the defendant is entitled as mortgagee to exercise any of its powers under the said securities, including the power of sale, and it shall not be necessary for the defendant bank to give any notices or otherwise comply with requirements of the Mortgagors’ Relief Act, The plaintiff shall prosecute with all dispatch the appeal now pending to the Privy Council. If the nlaintiff should fail to prosecute the appeal, or if the appeal be determined in favour of the defendant, then in . such case the defendant may forthwith seal the judgment for a 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,-