1913-05-01 — Page 5

醋

A DISPUTE AS TO MORTGAGE,

HONGKONG AND SHANGHAI BANK AND THE EX-COMPRADORE,

INTERESTINO Action commenced THIS MORNING.

follows:-

defendants

THE HONGKONG TELEGRAPH, THURSDAY, MAY 1, 1913,

and subject also to a proviso for the redemption upon payment of the sum of $21,000 and interest as therein mentioned.

(6) The defendants on the 19th day of September 1912 and on subsequent dates discovered that the said Lau Pun Chia had on various dates between the 18th

and charge on the said lease thereof and in particular from received, by the defendants de hold property except sa security completing any contract of sale mortgagees in possession of the for autoh sums (if any) as were and assignment already, entered said inland Lots, actually and bona fide due from the said Laa Pun Chin to the defendants prior to the date of to said indenture.

the

they fulfilled their obligations - towards their said oustomers and paid the suma, which they owed to the said customers, and admit. that acting under the power of sale contained in the said inden-

3 The defendants, admit para graph 5 of the statement of claim. 4 In answer to paragraph 6 of into..

(i) An account of the proceeds the statement of claim the de- (d) Alternatively, a déalaration of any sale or sales received, or fendants admit that on the 19th that tho said indenture of the which without wilful default of September 1912 and on sub- 28th Jane 1910 between the said might have been received, by seguent dates they discovered The plaintiff therefore claims: Lau Fan Chiu and the defendants defendants as mortgagees in the that the said Lan Pan Chiu or (a) A declaration that the said stands as security only for such aale of the said Inland Lots or some members of the said Chinese January 1912 and the 20th Sep-indenture of charge and mortgage obligations or sums of raoney (if any part thereof.

staff had on various days between tember 1912 received sume of dated the 28th June 1910 made any) of or owing by the said Lau An injunction restrain- the 10th January 1912 and the money paid to him by various between one Lau Pan Chiu on fils One from the said making payments out of the sums of money paid to the de- Pun Chiu as were actually and ing the defendants from 28th September 1912 converted persons for deposit with the defen- the first part, Yoong Tao Yung, dants and had converted the sums Arising out of the affairs of the and registered in the Land Office to his own use and that the Yoong Li Shi and Choy Ma Shi of Lau Pua Chiu to the defendants proceeds of the sale of the fendants by various customers of the second part and the defendants prior to date of the said Inland Lots by way of re- the defendants to his or their own ex-compradore of the Hongkong by Memorial No 40067 certain Lau Pan Chin was also short in of the third part and registered indenture of Mortgage of the 28th imbursement to any persons in use and that the said Lan and Shanghai Banking Corpora- leasehold property known and a sum the amount of which is in the Land Office by Memorial day of June 1910 or in the alter- respect of the matters referred to Pua Chiu was short in his cash tion un interesting action was registered in the Land Offee as unknown to the plaintiff.

No 46007 whereby certain lease-native at the date of the inden- in paragraph (e) hereof.

to the amount of $72,000 but commenced this morning in the Inland Lots Nos 355 and 658 was (7) The defendants thereupon hold property known and registure of Mortgage of the 2nd (k) Payment to the plaintiff of they deny that any of the said Supreme Court, before the Chief arsiqued to the defendants by way out of their own monies, reim-ferred in the Land Office as In- November 1910 or at the date of the proceeds of sale of the said stums of money were paid to the Justice, Sir William Rees Davies of mortgage for securing the dus bursed the said depositors the land Lots Nos 855 and 656 was notice thereof had 'or knowledge properties or such part thereof as said Lau Pun Chin by the said KO, suing in Original Jurisdic fulfiment by the said Lau Pun mounts so converted by the said assigned to the defendants by way thereof obtained by the defend- may be found not chargeable onstomers. tion in which Lau E Sam is the Chin (as compradore of the de. Lau Pon Chin and subsequently, of mortgage for securing the ful-ante.

under the said indenture of the 5. In answer to paragraph 7 of plaintiff and the Hongkong and fendants) and by his atoff, of his in contravention of the provisione filment by the said Lau Pua Ohiu (o) A declaration that the de-28th day of June 1910 to the the statement of claim the defen- Banking Corporation the defen- and their several duties of the said ordinance, sold by (as compradore of the defen- fendants are not empowered by extent of the full amount due to dants say that on discovering the danta..

obligations and responsiblities to public, auction on the 3rd day of dants) and by his staff of the said indenture of the 28th the plaintiff for principal and frauds committel by the said The statement of claim is as the enid defondants under an December 1912 the properties the his and their several duties, obli- June 1910 to charge the property interest due under the said Lau Pan Chiu and the said mem agreement of the twelfth day of subject matter of the said inden- gations and responsibilities to the the subject matter of such in-indenture of the 2nd day of hers of the said Chiness staff March 1900 and for the securing ture of the 28th day of June 1910, said defondante under Agreement denture with any payments (by November 1010. (1) The plaintiff is a trader re-

(1) Farther and other relief. riding at No. 24 Des Voeux Houd of payment to the defendinute of and, notwithstanding the fact on the 12th March 1906 and for cash credit of Accounts or other

(m) Costs. Central, Victoria in the Colony of sums of money which the that they were aware of the exist securing the payment to the de-wise) made or intended to be Hongkong and the defendants are

might lawfully race of the subsequent mortgage fendants of all sums of money made by the defendants by way

STATEMENT OF DEFENCE. a corporation incorporated by claim to be due to them by to the plaintiff, applied or intend which the defendants might law of reimbursements to any persons Ordinance No. 2 of 1866 of the of and arising out of or under the sale in repayment to themselves the said Lau Pun Chiu in respect Chiu may at any time have ac-graphs 12 and 3 of the Statement ture of mortgage and knowing of

the anid Lau Pau Chia in respect to apply the proceeds of the said fully claim to be due to them by from whom the said Lan Pun ordinances of Hongkong, whose registered office is situate at No. 1 several duties matters and things of the said sume of money so con of and arising out of ander the cepted monies for deposit with of Claim but say that the relevant the mortgage to the plaintiff they Queen's Road Central Victoria contained in the said agreement. vertel and (to an extent unknown several duties matters and things the defendants and which moneys sections of Ortlinance No. 2 of sold the said properties by publio (4) On the date when the in- to the Plaintiff) of the said contained in the said agreement, the said Lau Pun Chia failed to 1866 are not fully or sufficiently auction on the 3rd December (2) By section 20 of the said deuture of mortgage referred to

shortage in cash.

is ultra vires the defendants and deposit.

set forth in the said paragraph 2.1912 for the purpose of repaying ordinauts No. 2 of 1860 it is in the last preceding paragraph. (8) The plaintiff on boaring of is void in so far as it purports to (1) An inquiry as to the oblig. 2. The defendants admit that as to themselves the said sums so provided inter alia that it shall was excented, there Турга no such sale after the same had create for such parposes a mort- ations (if any) and the sums of alleged in paragraph 4 of the converted as aforesaid and the be lawful for the defendente, to tu nios eually and lona fide due taken place but before completion gage and charge on the said lease- money (if any) which the defend-statement of claim there were no aaid shortage of cash but deny take any mortgage or other liea from the said Lou Pan Chin to had been effected instituted these "hold property.

sata may lawfully claim to be due monies due from Lau Pan Chiu that in so selling the said pro- the defendants On the perties they acted in contravon- or charge on real or personal the defendants, nor were there proceedings to protect his inter- "(b) A declaration that any and to them from Lau Pan Chin and o

of tion of the provisions of the said property as a security for any moneys for which the said ests and by arrangement between each and every sale assignment in respect of obligations or det's day when the indenture monies actually and boun file Lan Pug Chiu had rendered him the parties to this action it was or agreement for sale or assign- and to what extent in respect of mortgage referred to therein Ordinance.

6 The same were received for previously due to them, or for self liable to the defendants, in agreed that the sale should be meat of the said Inland Lots or each obligation or debt the pro-was executed but say that by the which Buy person or persons secure the repayment of which completod and that the proceeds any sections or portions thereof, perty, the subject matter of the agreement referred to in para an I on behalf of the defendante might have rendered themselves the said indenture was executed. of the sale should be held by the the subject matter of the said in-indenture of the 28th June 1910 graph 3 of the statement of claim by the members of the Chinese liable to the defendants and to (5) By an indenture of mortgage defendants until all matters in denture of the 28th Jane 1910, is, or is sought to be, charged or and by the said mortgage the staff authorised by the defendants hold such lands, bouses, und date the Sail day of November, dispute in this action should be by the defendants in pursuance the proceeds of the sale of such said Laa Pun Chin rendered to receive them and by the de- biber real and personal property 1010, and sande between the said decided and that the plaintiff of any powers contained in the property are, or are sought to be himself liable to pay to the defaults of the members of the said fendants all sums of money which Chinese staff and of the said Lau respectively for such reasonable La Pau Chia of the one part and should not be prejudiced in any said Indenture is ultra virce the debited. time as night be necessary for the plaintiff of the other part and way by the fact of the sale having defendants and is void.

(g) An enquiry whether the might become due or payable to Pan Chin in not paying or for ac- Belling and disposing of and registered in the Land Office on been completed or by the fact that

(c) An injunction restraining defendants as mortgagees under the defendants by the said Lau counting the said sume, as their converti.g the same into money, the 9th day of November 1910 he had not taken any steps to the defen lants and of their agents the said indenture have been in Fan Chiu in respect of any de duty was, the defendants were

(3) By an indenture of mort- by memorial No 46601 (of which prevent the same.

from exercising any of the powers possession of the rents and profits fault in regard to his or the deprived of the said sams and suf gage dated the 28th day of June mortgage the defendants had (9) By reason of the provisions granted in respect of the said In- of the said inland lots 655 and Chinese Staff's several duties fered losses by reason of the said 1910 and made between Liu Pan notice) the ab we mentioned in of the said ordinance the said and Lots to the defendants by 650.

liabilities and obligations under defaults and the said Lan Pun Chin Chiu of the first part, Yoong Lilaud lots Nos 655 and 656 were indenture of mortgage of the the said indenture and restraining! (h) An Account in pursuance the said agreement and charged had by the said agreement and the Su, Yong To Yung and Choy assigned to the plaintiff subject 28th June 1910 is ultra vires the any sale and assignment or agree of such enquiry of the rents and the property assigned by the said said mortgage of the 28th June Ma Shi of the bound part and to the indenture of mortgage re- defendants and is void in so far ment for sale and sangument of profits received, or which without indenture of mortgage with the 1910 rendered himself liable to

(Continued on Page 7).. the defendants of the third part ferred to in paragraph hereof wit purports to create a mortgage the said Inland Lots or any parts wilful default might have been payment of the said sum,

atoresaid.

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No. 92.

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