Shanghai, 6th August, Before R. A, Mowat, Kaq., Assistant and a Jury consisting of Mosars. J. DI. Cory, A. MeLwod, A.B. Trudd, J. Wear and W, M, Harvie, Leuaxcuanp v. Tue Aare Bang, Laure.
DMr. Watxixson appeared for th tiff and Mr. Warsewataur fur the d 100, The Court sat at nine o'clock.
Mr. Watnzwutour sumed up on beliulf of the defendants, Ho said bia was a against the defendants, and the Directors owed to the wright then addressed the Court on te law of mortgage and lie favouring to put his statement of the law in " popular form in order that the jury might follow his argument. A lien, ie said, might be described broadly as a right to retain-posgossion of thing and nothing wars; for wstauce & man who repaired a watch had lien on that watch for the cost of the repairs, and he could refness to give up the watch until the cost was paid; but he: could not sell or pledge the watch. In the case of a equitable mort shares deposited with him plaintiff. An equitable mortgagee had a perfect right to transfer his security and pass on his claim. to some ons else. He could not give anybody else' great claim over the property than he imselé; but he could pass claim on. He contended that in letters which hed' been put in, in which Benjamin agreed not to "dispone of" or "part with" the shares, there phrases re equivalent to "sell," and did not ut Bir, Bonjaulu frow re-plodging;
Text read from the printed page and cleaned; old type leaves the occasional error.