MORTGAGE RELIEF
AMENDING MEASURE
TECHNICAL REVISIONS
The Mortgagors and Lessees Rehabilitation Amendment Bill, which was introduced in the House of Representatives yesterday . afternoon Ijy Governor-General's Message and read a first time, is mainly of a technical nature in its relation to the Act passed last year. The first provision makes the terms of. the principal Act applicable to a subsequent mortgage when a power of sale has been exercised under a prior mortgage. Another provision empowers an Adjustment Commission which has made an order for the sale of any property to any person to make a further order vesting the property in the purchaser. Subject to any right of appeal conferred by the principal Act, vesting orders already made are to. be validated. Where mortgages have been adjusted or varied no power of sale, rescission, or entry into possession is to become exercisable, and no moneys secured by the mortgage are to be payable by reason of default, unless the mortgagee serves on the mortgagor a notice specifying the default and a date oh Which the power, will be exercised. At least a month's notice of the intention to exercise the power must be given by the mortgagee. This clause is not to be retrospective in its application.
The Bill also 'provides that where the liabilities of any applicant have been adjusted under the principal Act, no guarantor concerned shall have any claim in regard to any amount he has paid after the date of adjustment. Where, however, the payment reduces the liability of the applicant, or provision' is made by an' order under the principal Act for the payment or satisfaction of the guarantor's claim, such claim is to be allowed.
Another provision extends the time for the recovery of rates where the commencement or continuation of proceedings is prohibited under the principal Act.
Two mineral springs that were found at Scarborough, on the coast of Yorkshire, in 1620, are still producing aperient tonic waters.
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https://paperspast.natlib.govt.nz/newspapers/EP19371201.2.42
Bibliographic details
Evening Post, Volume CXXIV, Issue 132, 1 December 1937, Page 8
Word Count
326MORTGAGE RELIEF Evening Post, Volume CXXIV, Issue 132, 1 December 1937, Page 8
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