PURCHASE OF SHARES.

Otago Daily Times, Issue 20006, 25 January 1927, Page 10

PURCHASE OF SHARES.

A SHAREBROKER’S ESTATE. TRANSACTION NULL AND VOID. (Special to Daily Times.) AUCKLAND, January 24. Reserved judgment in a claim made by the Official Assignee on behalf of the estate of the late Hassell Garland, sharebroker, of Auckland, who committed suicide last year, was given by Mr J. W. Poynton, S.M., in the Magistarte’s Court. The defendant was G. L. Bradlev, and the claim was lor £93 13s lOd damages for the alleged failure of the defendant to complete the purchase of shares. . , , nnn “The first transaction related to 200 mining shares fcoucht on May 5 last by dedan!; end sold through Garland, said the Magistrate. “Defendant denies ti he authorised the deceased to purchase any shares after that date. In deceased s books a complete purchase is recorded as having taken place in July last, and it is in respect to this that the claim arises. The defence is that no authority was given to deceased to purchase such shares and further that when defendant became aware of the claim he called on Garland and repudiated the transaction and deceased accepted the repudiation. A second defence is raised under the Stamp Act (section 147), which requires that a contract note of any sale of mining shares shall be transmitted to the purchaser within 24 hours after. In this case the contract notes were sent but defendant swears he never received thorn One was proved to have been made out on July 5, and posted on July . This would render the sale void bysoetioii 149 of the Stamp Duties Act, 1923. In defended claims on behalf of, or against, a deceased person’s estate the courts meet with difficulty in, arriving at a satisfactory conclusion. The most important witness is silent, and there is every inducement for the survivor to lie. For this reason the evidence for the defence is examined with critical care. In this case, however, I accept the story of the defence. Judgment was given for the defendant with costs. Security for appeal was fixed at £ib ioa