Gold v Trustee in the insolvent Estate of Lipman [1914] ZATPD 122 (30 November 1914)

lnsolvency.-Secured creditor.-Proof debt for articles pledged.Liability for costs of realization and administration.

G held two general mortgage bonds of the value of £375 over L's property. Prior to sequestration G took possession of L's assets under a clauee in one of the bonds and held the goods in pledge. After sequestration of L's estate his trustee took possession of these goods subject to G's rights. G was prepared to take over the pledged assets in satisfaction of the debt and only looked to these goods for payment of his claim. G thereafter proved against the insolvent estate Qi' L for £375 in respect of the goods handed over to the trustee and offered to pay £30 in respect of the realization thereof Held that G was only liable to pay the £30 and that the trustee was not entitled to frame a contribution account against him.