The plaintiff lent to a gold mining company the sum of 350l. secured by a mortgage of the company’s plant. The plaintiff also held the bonds of the defendants (the directors of the company) as collateral security for payment of the said 350l. The company made default, and the plaintiff then exercised his power of sale, but the contract of sale was not enforceable as it was not in writing. After this sale had been effected, but before it was completed, the mortgagor tendered the sum secured by the mortgage to the plaintiff, but the plaintiff refused the tender on the ground that it was too late, as he had then found a purchaser. Afterwards, through no default of the plaintiff, but by the fault of the company mortgagor, the sale went off. The plaintiff then sued the defendants on their bonds, and the defendants pleaded as an answer to the plaintiff’s claim the tender by the mortgagor, and refusal to accept it by the plaintiff.