The Ashburton Guardian. Magna est Veritas et Prævalebit WEDNESDAY, JULY 31 1889 CHATTELS SECURITIES.
The Bill which has been introduced by the Colonial Secretary, having for itß object the amendment, consolidation and simplification of the Law relating to Chattels Securities is, unfortunately it may|be said, of very general interest. Thelexisting Law has been proved to be cumbrous expensive, and unsatisfactory m its working, while its wording admits of different interpretation on so man} points, that a considerable part of the time of resident magistrates, and not a small portion of that of the higher court? are occupied m adjusting disputes as to the validity, or otherwise of Bills of Sale and similar instruments. As the law now stands, there is one Act relating to securities on ordinary chattels, another relating to securities on stock, another relating to securities on wool, and finally an Act relating to securities on crops. Mr ; Hislop's bill aims at establishing one law for all kinds of securities, a simplification which should prove exceedingly welcome to all who need to borrow, or who are fortan&te enough to be able to lend, -ibis alone would effect a great saving m the cost of borrowing money on such securities. At present a lien has frequently to be registered under each of the four Acts, and the statutory fee paid on each ; and besides making one rule and one registration cover the whole of the securities, the Bill propt^ es to reduce tha fees payable. The expense of proving registration, m the event of law proceedings or other necessity for proof arising, and the expense of filing affidavits are also reduced. Among what may be called alterations m the law the Bill proposes to except from registration fixtures whioh may be included m instruments dealing with the leasehold or freehold interest m the land on which the said fixtures are situated. On the other hand ante-nuptial marriage settlements, which it has hitherto not been necessary to register, are to be placed on the same footing as postnuptial settlements, and must be regis tered. Tbe growth of the orchard industrry is recognised by fruit being added to the list of crops over which security may bw given and registered. The time within which securities must be registered j'b extended m cases m which the place where the instruments are executed is beyond a stated distance from the office where such instruments should be properly registered. All securities must be registered, otherwise they will be absolutely void. J his clause is necessary as a protection to lenders mho have m the past been victimised by lending money on securities upon wire!: had already been pledged by tho owner to another lender ; and it will also enable tradesmen and others to see bow their customers stand. The clause m the Act of 1883, which made it necessary io minutely and accurately describe every chattel, and which was a frequent source of disputes, is struck out, All securities registered m future may apply to past, present or future advances, but will not hold good m regard to past advances should bankruptcy of the borrower follow within 6ix months of the registration oi the instrument, 1 he' Bill seems to be a common sense measure, aud should pass into law without much amendment or difficulty.
Permanent link to this item
The Ashburton Guardian. Magna est Veritas et Prævalebit WEDNESDAY, JULY 31 1889 CHATTELS SECURITIES., Ashburton Guardian, Volume VII, Issue 2187, 31 July 1889
The Ashburton Guardian. Magna est Veritas et Prævalebit WEDNESDAY, JULY 31 1889 CHATTELS SECURITIES. Ashburton Guardian, Volume VII, Issue 2187, 31 July 1889
Using This Item
See our copyright guide for information on how you may use this title.