LAW AND ACCOUNTS

Otago Witness, Issue 3523, 20 September 1921, Page 52

LAW AND ACCOUNTS

At the monthly meeting of the Otago Branch of rhe New Zealand Society of Accountants hist week (Mr J. G. Paterson, president, in the chair), Mr J. J. Tregear, solicitor, delivered a lecture on “Law and Accounts ” As the title indicates, the lecture was very largely a technical one, and for the most part intended purely for accountants, it was to them a highly interesting' and informative olio. While it does not lend ilsedf to reporting for the public, there were two points raised of interest to tradesmen and householders. One of these was that it was the duty of the debtor to seek out the creditor, and the fact that no account had been rendered would prove no defence to an action for the recovery of a debt. It would be incumbent upon tlie debtor to ascertain lhe extent of his indebtedness. Another point was that interest cannot be claimed upon overdue accounts unless there is distinctproof (hat tiie debtor was informed beforehand that interest would be charged failing payment; but if accounts were frequently sent out, notifying that in them interest was charged, and the debtor took no notice of these, the interest would be allowed in a court of law. In answer to a question. Mr Tregear stated that if billheads bore a specific' statement that interest would be charged if the account remained unpaid after a certain date, that would be accepted in a court. It would be advisable to send the account as a. registered letter. A member asked the lecturer whether, if an invoice were sent out notifying that 10 per cent, discount would be allowed if the account were settled within a month, the full amount due could he recovered on an action if the account, were not paid within the time specified. Mr Tregear said lie had no doubt whatever that it could, but if a trade custom were pleaded it would be necessary to establish the fact that the trade custom was fully established. Mr Walter Green moved a hearty vote of thanks to Mr Tregear for his lecture. Mr P. Kerens seconded the motion, which was carried by acclamation.