NOT ADVERTISED PROPERLY.

Evening Post, Volume CIV, Issue 10, 12 July 1922, Page 5

NOT ADVERTISED PROPERLY.

The disability under which mortgagors, subject to" foreclosure, suffer as the result of the insufficient advertisement of the sale of' their properties, was mentioned in the House of Representatives yesterday by Mr. J. A- | Young (Waikato). Present conditions, he argued, led te trickery. Illustrating his point, Mr. Young quoted a case. A woman had bought a property and paid £400 as deposit. She was to pay off £70 in twelve months, and the balance of £300 or £400 was to "stand on mortgage at 6 •or 7 per cont. for a term of years. Misunderstanding the position, the wont, v h._ not ptud the _370—it waa ad.wittfid thftjt that.. w«. . .certain amount

of obstinacy—and the mortgagee had!. 1 foreclosed. The woman, since the ad« vertisements had been published, waap in a position to pay tlie £7., "but to* clear the property, she would have to find the other £300 or £400. This she!. could not do, and the property was to£be sold. What had become of th_. £400 deposit? Mr. Howard : "The sharkß. have it.'X Mr. Young said what would happens, was that probably the mortgagee.wouldf go into the auction mart and buy in. at his own price. Mr. Howard : "A_d„vote Reform."-: Mr. Young said the present form of advertisement in such cases was totally inadequate. It. was -not fair that the* land should be put up for sale withj. an indefinite description. The name of: j the mortgagee/the amount of the mort-- | gages, the rates, of interest, and the?' cause of foreclosure, sh__ld_all.be pub-* i lished. J Mr. Jennings : "Hear, bear." Mr. Young: "And plenty of time [should be given," .The advertisement! should give a full description of tluS! property, and every opportunity should! be given the mortgagor to redeem t__S property if possible. This questions; would have to be tackled, and it shouW be tackled this session. The present, system lent itself to trickery. The Minister of Education: WTl_* Registrar of the Supreme Court frame* the advertisement." Mr. Young : "Yes, but he makes it, in accordance with the /statute. _,n amendment is necessary to compel him to put in better and more ■ adequate}; advertisements."