MORTGAGORS' RELIEF
EFFECT OF ACT
CONSIDERED FAR REACHING
(By Telegraph—Press Association.)
AUCKLAND, This Day. • The far-reaching effect of an amendment made last session to the Mortgagors' and Tenants' Relief Act was the subject of a letter received by the Chamber of Commerce from the manager of a trust company. He said that Section 16 of the Consolidating Act appeared to have tho following effect"lf any merchant or retailer gives credit to any customer who is in the happy position of being a mortgagor such, customer will only havo to file an application for relief and give notice thereof to his creditor, and will thereupon prevent the latter from taking any steps to enforce payment of his debt without leave of tho Court. It would seem, therefore, that merchants and traders in future before giving credit should inquire whether the customer is in the unique position of not being a mortgagor."
The chamber decided to send a copy of the letter to every member, to have the ' above interpretation of the Bill verified by its solicitor and also to ask tho Government if the, interpretation is correct. ■ . «
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Bibliographic details
Evening Post, Volume CXVII, Issue 27, 1 February 1934, Page 12
Word Count
186MORTGAGORS' RELIEF Evening Post, Volume CXVII, Issue 27, 1 February 1934, Page 12
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