MORTGAGE LEGISLATION

Dominion, Volume 29, Issue 299, 14 September 1936, Page 8

MORTGAGE LEGISLATION

Mr. Wilkinson’s suggestion in the House of Representatives on Friday that the Government might consider the question of publishing and circulating an: explanatory booklet for the information of mortgagors and mortgagees drew from the Minister of Finance a ready assent. It should be welcomed. There has been so much legislation on the subject during the past few years that many pedple affected by it must be somewhat at a loss to determine the precise nature of their obligations as mortgagors or of their rights as mortgagees. What used to be a simple contract between borrower and lender that anybody could understand has become a more or less loose arrangement hedged about with all sorts of arbitrary conditions imposed by legislation. The public had no sooner become accustomed to thinking in terms of one enactment than they had to adjust their compass-bearings to a new course sdt by the Legislature as an amendment of it. Along comes a new Government which repeals everything and sets the mortgagor and mortgagee —neither of whom is very happy—off on yet another course. It would help very much if the compilers of the promised booklet would steer clear of technicalities set out the position of the parties in clear and simple language., illustrating the points with explanations of. selected cases covering every variety or difficulty or doubt.