PROBLEM FOR COURT

Southland Times, Issue 22107, 30 August 1933, Page 7

PROBLEM FOR COURT

INTERPRETATION OF WILL. (Per United Press Association.) Auckland, August 29. A question stated to be of considerable importance to trustees came before Mr Justice Herdman, who was asked to interpret the will of Jane Hoey who died in 1931, leaving a will made in 1927. It was stated the estate showed a nominal surplus of £6311. The only asset was a mortgage on which ±,0904 was owed by a son of the testatrix. Last September the North Auckland Mortgagors’ Commission considered the giving of relief to the mortgagor and one of its suggestions was that the trustees should reduce the principal sum from £6OOO to £3385. The commission considered the property not worth more than £2OOO to-day although the deceased’s father had paid £7OOO for & , , n Counsel said the question of whether power existed to reduce the principal sum was of great importance to the (Hie Judge remarked that he did not know of any such power that the Court had. “I am not going to decide anything unnecessary because of this newfangled legislation,” said the Judge, who referred to the Mortgagors Relief Act. The position seemed to be that the mortgagor was bankrupt, and if the commission had no power to reduce the principal then trustees should exercise their powers to sell. Argument is proceeding.