R Jaffe Ltd (In Liquidation) v Jaffe - [1932] NZLR 168

Company — Debenture to Bearer — Guarantee by J of Company's Overdraft — Debenture deposited as Security by J — Subsequent Advances by W — Debenture redeemed and reissued to W — Agreement between W and J not binding on Company — Debenture not assignable in part to J — W still Bearer — His Rights under Debenture not exercisable.