CHATTELS OF BANKRUPT
■ QUESTION OF TITLE SUPREME COURT JUDGMENT. (Peb United Press Association.) WELLINGTON, September 20. Judgment was given in the Supreme Court by Mr Justice Ostler that the Official Assignee had failed to make out a title to the chattels of the bankrupt, Walter C, Franks, draper, of Featherston, seized by Mrs Herbert under a bill of sale. Costs (£6 6s) were ordered to be paid out of the estate. Franks bought a drapery business from Mrs Herbert, giving a bill of sale over the stock entitling her to seize the goods upon default. On April 26 she did this, and carried on the business. His- Honor said it would be noted that Mrs Herbert was not entitled to the ownership of the goods. By the terms of the contract, she held them for sale and disposal for the purpose of obtaining the amount due to the grantee. If by any chance the chattels realised more than the debt, she would have to account for the balance to the Official Assignee, as she was in the position of a mortgagee in possession. It behoved her, therefore, to keep strict account of the disposal of all goods seized.
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Bibliographic details
Otago Daily Times, Issue 22373, 21 September 1934, Page 7
Word Count
198CHATTELS OF BANKRUPT Otago Daily Times, Issue 22373, 21 September 1934, Page 7
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