MORTGAGE EXTENSION.

Auckland Star, Volume LV, Issue 248, 18 October 1924, Page 49 (Supplement)

MORTGAGE EXTENSION.

ITS FINAL SHAPE. : THE MANAGERS CONGRATULATED. ' (By Tolegrat*. _ Special to "Star.") WELLINGTON, Friday. The report of the managers set up ■by the Ilou?o of Representatives to Beet manaE-ers from the Legislative Council for the third time in conference over amendments to the Mortgages Final Extension Bill was presented to the House of to-day, by the Hon. Downie Stewart. The Minister stated that March 31 next was still the nominal date up to which mortgagors were protected, but mortgagees could not exercise their power until three month's notice first of all had been given, lodging of notice for extention was sufficient to protect an applicant until the matter had been dealt with by the Court. Protection was really carried until July 1. because after March .'II. if a man had not applied for ar extension order, it was a condition precedent to the right of the mortgagee to excersi?e any of his powers to give three months notice. Mr. T. M. YVilford: Provided notice has been given on March 31. Hon. Downie Stewart: Ye?. The Minister added that other points before the conference had been to clear up doubts on whom the notices had been served, under the Act, that, while it wj« right and proper that a mortgagee shcwl net be allowed to call up or demajid payment of his money, or exercise his power to sell, or enter into poseession, there were certain covenants in mortgages, especially in case of farm lands which a mortgugor ought to be compelled to observe, such as keeping down rabbits, and it should be possible for a mortgagee to get leave of the court f> compel a mortgagor to observe those covenants. It had been provided in a previous agreement with the council that, where leave had been granted on the application of the mortgagee to excerclse his powers, that he waa not to exeercise those powers for three months, it had been pointed out to the managers for the Lower House that when a man applied to the court and the court saw fit to grant the rig-hit for him to exercise his powers it would iay down conditions. It was for the court to protect the mortgagor. "Our main object," said the Minister, "is that tho mortgagee cannot exercise those powers before March 31, except under very special circumstances." Mr. T. M. Wilford congratulated the managers on the results achieved. He was especially pleased to find that, in an intricate bill of tho kind, it had boen possible to bring about a compromise, due no doubt to the fact that there were three legal gentlemen on the committee. He wished to congratulate Mr. Munro (Dunodin North) for the part which he took in the matter. Although the House had not jrot quite what it wanted, it was something like twelve, out of a '"'baker's dozen." He thought the managers had done good work. '"If I may be allowed to say so." added Mr. Wilford. "it lias been satisfactory to 6nd that agreement on the most "difficult and intricate matter have been arrived at with another place." In reply to the Hon. D. Buddo, the Hon. W. D. Downie Stewart stated that the courts would make every effort to protect any man who had a reasonable chance of coming through.