Official Assignee of the Estate of Turnbull v Goldstein [1921] HCA 33

OF AUSTRALIA. 3i7

[HIGH COURT OF AUSTRALIA.)

OFFICIAL ASSIGNEE OF THE )

ESTATE OF TURNBULL \peoiserevemgegt EIN AND ANOTHER x : . Respoxpents.

ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES.

krapley—Loan by moneylender—Iegal security —Bankrupley of borrowe— 4. ¢, or A. 'Subacquentseicure and sale of goods under security—Claim by Official Assignee" y99). for value of goods—Imposition of condition by the Court—Permitting money. > lender to prove for amount of loan—Bankrupley Act 1808 (N.8.W.) (No. 25 of Sypwey 1808), secs. 3 (2), 10, 45, 47, 1845 Sched. TE Money-lenders and Aug, 2, 3,12. Infants Loans Act 1905 (N.S.W.) (No. 24 of 1905), see

Kok C3, A money-lender registered under the Money-lenders and Infants Loans Act "ygsing 30d 1006 (X.S.WV.) had lent to a bankrupt before the sequestration order a certain sum of money and had taken as security bills of sale over certain chattels, | Yt, in contravention of sce. 2 of that Act, not in the registered name of the money-lender. Portion of the money lent was applied by the borrower in tayment of some of his creditors. After the sequestration order the money' lender seized and sold the chattels the subject of the bills of sale. On a motion to the Supreme Court in its bankruptey jurisdiction by the Official Assignee Under see. 134 of the Bankrupley Act 1898 for an order for payment to him by the money-tender of the value of the chattels seized and sold, the Supreme Court made the order asked for, but imposed a condition that the money: lender should be admitted to prove as a creditor in the estate of the bankrupt inrespect of the sum of money lent.

Hida, that n0 condition either in that form or having a similar effect should 'be imposed upon the Official Assignee.

Ver Higgins J. Sec. 184 enables the Court to give effet to any equitable __Teht in respect of the assets seized, and to impose such terms as are justifiable 'inequity with respect thereto ; but there is no equitable principle qualifying 'thelegal rit of the Official Assignee to claim the assets or their value.