WILL INTERPRETATION.

New Zealand Herald, Volume LXII, Issue 19143, 8 October 1925, Page 14

WILL INTERPRETATION.

ESTATE OF PORTUGUESE. INTEREST ON MORTGAGES. COURT'S DIRECTION SOUGHT. A picturesque figure in the Henderson district up to ten or twelve years ago was Francisco Rodriguez Figueira, a Portuguese viticulturret, better known as "Don Buck.' He died ir» August, 1917, and left an estate worth £5142, of which £2762 was invested on mortgage. Toward his mortgage debtors he displayed a benevolent disposition, for in his will—one of the home-made variety,. which left his possessions in equal parts to his brothers, sisters and cousins, resident in Madeira — he inserted & clause that ran: "Mortgages to be reduced to 4 per cent, from the date of my death. Mortgages may be renewed if so desired for 15 years at 4 per cent." The question of how this provision in the will is to be interpreted came before Mr. Justice Herdraan in the Supreme Cou*t yesterday in the form of a suit brought by the Public Trustee, as executor of the will (Mr. Stanton), with the two remaining mortgagors, Thomas H. O'Brien, contractor, Kingsland (Sir. Matthews), and Mrs. Marion B. Seabrook (Mr. Luxford), as defendants. Sir. Northcroft appeared, by direction of the Court, as counsel for the beneficiaries under the will. It was stated that all other mortgages other than those given by Mr. O'Brien and Mrs. Seabrook had been paid off since the testator's death. The question put to the Court by Mr. Stanton was whether the Public Trustee was bound by the will to renew alt mortgages owing to the deceased at the date of his death, if requested so to do by the mortgagors. Argument ranged around the question of the meaning to be asin its context, to the word " may " —whether the provision in respect of the renewal of mortgages at 4 per cent, was a mandatory direction to the executor, involving a gift ito the mortgagees; whether it was a permissive direction, to be exercised or not at the discretion of the executor; or whether the clause was so vague as to be void for uncertainty. His Honor reserved his decision.