A DAUGHTER'S INTEREST.

New Zealand Herald, Volume XLVII, Issue 14327, 24 March 1910, Page 6

A DAUGHTER'S INTEREST.

: » . *'' i i "•> «' NURSING" A -PROPERTY. . y ■ - ' :: : r,, - i ■ ■ ' 1 ■■ • ' - A meeting of creditors in the; estate of John Simpson, of Henderson, farmer, was held at the official assignee's office yesterday morning to consider the realisation of the assets. Mr. Reed, who appeared for Miss Simpson, bankrupt's daughter, who possessed '• a half share in some property of bankrupt's, which was claimed by ; the creditors to belong to the estate, said his client, if pressed, proposed to ; fight the matter out. • She was entitled to a half-share in . the equity ;of redemption of the property. , He (Mr. Reed) had, however, pointed out to her that a Court action would prove very expensive, . and at his suggestion, as she had great faith in the ultimate increased value.of. the property, she would make a proposal, as she thought that if the property were j nursed for some time it would greatly.V increase in value. Therefore, if the creditors allowed the matter to stand over for a while Miss ' Simpson would join with her father in giving a second mortgage, subject .to a first mortgage over the property for one year at five per cent. During that time she hoped to sell the property, and out of her father's share give the • creditors 20s in the £, plus the five per cent, interest. : If there were no sale within 12 months the creditors could realise on the equity of redemption. J- .v.; After considerable discussion it was agreed, upon the suggestion of the assignee, Mr. Reed agreeing, that in: consideration of Miss Simpson giving the suggested mortgage the creditors give an'undertaking not to sell within 12 months unless with Miss Simpson's consent, and, further, that she relinquish her title as soon as the sale takes place on the condition that she and her father be given an equal share each of any surplus in the event of a sale. ■>