CLAIM FOR INTEREST

New Zealand Herald, Volume LXX, Issue 21504, 30 May 1933, Page 12

CLAIM FOR INTEREST

SETTLEMENT REACHED Legal questions only were involved in a claim for interest allegedly due on a mortgage that camo beforo the Chief Justice, Sir Michael Myers, in the Supreme Court yesterday. Tho claim w:w for £142, a year's interest on a principal sum of £5689. The plaintiff was Alexander Gerrard, of Lady Barkly, farmor (Mr. Northcroft), who took action against James Robertson and John Charles Spedding, of Remuera (Mr. Itogerson). The defendants denied that there was any interest due by them, and alleged that in September, 1925, tho plaintiff entered into an extension memorandum of mortgage with one Mionkton, that he elected to release the defendants from further liability and to accept, Monkton as liable. Monkton was to pay 7 por cent interest in lieu oi: 5} per cent from the defendants. Mr. Rogerson said the property had been transferred from the plaintiff, the mortgagee, to the defendants in April, 1920, and the mortgage was taken back on the same date. There bad been seven sales of the property since. He contended there was a contract between Monkton and the plaintiff which had the effect in law of releasing tho original mortgagors, the defendants. As Mr. Rogerson was outlining the case a paper was put into his hands, which, he said, purported to bo a settlement of the case. After an adjournment had been obtained a settlement, which was communicated to His Honor, was arrived at between the parties, and the action was struck out.