OVERDUE MORTGAGE
CITY COUNCIL'S POSITION.
The Finance Committee reported at last night's meeting of the City Council that it had received the following report from the Town Clerk by direction of the Sinking Fund Commissioners, which answers the statement made by the Corporation auditor that certain overduo mortgages do not appear to have been dealt with :> — -
"With reference to the* City Auditor's. (Mr. Clarke's) report that the Sinking Fund Commissioners'did not appear to have taken any action with regard to overdue mortgages, I 'am , directed ' by' the Commissioners to inform ■ you that the statement is' incorrect. With the exception of five cases, all the mortgagors have been written to and informed that they would be required under a renewal of mortgage to pay an increased rate of interest. One or two Ciises have been satisfactorily dealt with,* others have ignored the letter. The City Solicitor has advisee! the Commissioners to take a test case in the Supreme Court to determine their position as trustees. This the Commissioners have-authorised.".
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Bibliographic details
Evening Post, Volume XCIII, Issue 47, 23 February 1917, Page 2
Word Count
168OVERDUE MORTGAGE Evening Post, Volume XCIII, Issue 47, 23 February 1917, Page 2
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