The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-04-12
ABLES WILL
COME THIRD
Stock Exchange
Suit Passed
Upon.
GEAR SAYS LIEN OF
MEMBERS IS GOOD
Carter Troubles Are Also Settled.
Busy Day Yesterday in
Circuit Court.


en- yesterday IN the case Of L. C. Able.
VS.. Honolulu Stock and Bond Exchange
et al, upheld the rules and bylaws OF
| the corporation. which gives members
a first lien upon the seat in the ex-
change held by any member owing
them money. The suit was brought by
Ables to enjoin the sale of the seat
neld by c. J. Falk, which had been as
signed to the plaintiff as security for
the return of twenty shares of stock
in the waialua Agricultural Company,
valued at 1880.
The court holds that the seat in the
Stock Exchange is property, but that ii
was subject to the conditions made by
the exchange.
Following out a California decision.
Judge Gear says: "I find from the evil
dence that demand was made for the
remaining twenty shares of stock,
vhich were not returned within the six
months limit of the agreement, and
that no tender was made of said shares
until after suit was brought. a ten
der was then made of the shares only.
without costs of suit. This was not
sufficient. Under the agreement, the
plaintiff has an equitable lien on the
seat" of defendant Falk in the Homo
lulu Stock and Bond Exchange, subject
to the rules and regulations of the ex-
change. as security for the return of
twenty shares Of Waialua Agricultural
Company, so per cent paid up, valued
at sos per share, or total of 1880.
Under the rules and regulations of
the exchange. the claims of members
were to be a first lien. and it appears
from the evidence herein that there
was due and owing two claims. which
were allowed by the exchange, one of
s1264.70. in favor of Robert Single. and
one OF S726.0S in favor of another MEM
Der.
THE seat of defendant Falk should
be sold by the president of the ex-
change as trustee for the aforesaid two
creditors and said Falk. and after pay
ment of said two creditors, the said
president should pay from the balance
of the proceeds, If any. the said sum of
1880. to plaintiff herein; any balance
remaining to be applied as set forth in
the rules and regulations of the ex-
change. He will be enjoined from SELL
ing it except subject to such lien"
THE CARTER NATTER.
Judge Gear also rendered a lengthy
written opinion in the case of ]. d.
Carter, trustee, VS.. SybiI Augusta Car
ter ct al. This was bill for advice and
instructions from the court. 1t arose
out OLA petition of Geo. r. Carter to
have ]. o. Carter removed as trustee.
The defendants claimed that the trust
terminated upon the youngest child be-
coming of age.
The court holds that Mrs. Davis has
an interest in the property. and says:
= H. -. 49, C
provided for selling the property after
the children have all reached majority.
They can now act independently. and if
the life tenant desires 10 sell the prop
erty for $4,000 and this is agreeable TO
all interested. their consent to such a
sale is sufficient to authorize the trus-
tee to make it. However, if either Mrs.
Davis or any Of the children object no
sale can be made until after the death
of the life tenant" The property.
known as Sweet Home" is to be held
by ]. o. Carter.
The court gives the following instruc-
tons:
/. 1t is conceded that the trustee need
not resign as requested by Sybil y.
Carter. and therefore he is instructed
not to resign.
2. The trustee should not convey the
being $4,000. unless requested to do so
by Mrs. Davis. formerly widow of
Charles L. Carter. and inheriting his
3. The trust did not terminate on the
coming OF age of the youngest child.
4. II did not become the trustees
duty to convey the property subject TO
IN elife interest of Sybil A. Carter.
Judge Gear also passed upon the pc
-ition of David Dayton, trustee under
he will of John McColgan. for instruc-
ions. He wished to sell real estate to
pay the debts of the estate. to which
Daniel and Hugh McCorriston. residu-
sry legatees. objected and offered to
pay the debts. This settlement is ap-
proved and the property will be turned
'ver 10 the residuary legatees.
THE GIBSON ESTATE.
Talula L. Hayselden. devisee for life
inder the will of Walter NJ Gibson.
lied a motion yesterday for accounting
With the trustee. David Dayton. there
,eing several matters in dispute She
lleges that Dayton has received SI2,-
1919 from Cecil Brown. trustee. out of
which he paid the debts OF the estate.
eavinE a cash balance of s5S4S.24 The
etitioner claims she is entitled to
hree-ifths of this amount as guardian
Z her three children. but Dayton re-
uses to pay the amount, claiming the
h!ldren were entitled each to one-hftn
Z the entire S12.5i2.19. and that the i
rders We're cancelled by the payment
z these debts. The petitioner claims
hat the children are entitled To two
birds Of the balance remaining, or
'5oS9i. and asks the court to allow her
iat amount