“FURTHER ADVANCES”
SUPREME COURT JUDGMENT Tho words ‘'further advances” figured largely in a reserved judgment delivered last. Friday by His Honor, Mr. Justice Hcrdman, in an action involving the proceeds of a sale of stock. The parties to the action were Charles William Wattk, of Kikutaia, plaintiff, and Colin Maurice Kelly, of I’uiiri, farmer. In his judgment, His Honor said he was unable to discover any justification that the definition of the words “further advances” entitled the defendant to retain out of the proceeds of a -sale of stock a sum sufficient to discharge the debt of £l7O duo under the contract for tho purchase of the farm. Ho failed to soo upon what principle debts which arise under a separate and independent contract could be caught by it. His Honor therefore found that tho instrument by way of security executed in favor of Kelly did not secure under -the head of “further advances” arrears of interest and rates payable by tbe Donbys, who wore parties to the agreement for tho sale and purchase of the farm in November, 192 t), under the contract for tho sale and purchase of the farm.
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https://paperspast.natlib.govt.nz/newspapers/PBH19311002.2.33
Bibliographic details
Poverty Bay Herald, Volume LV, Issue 17588, 2 October 1931, Page 4
Word Count
192“FURTHER ADVANCES” Poverty Bay Herald, Volume LV, Issue 17588, 2 October 1931, Page 4
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