MORTGAGES EXTENSION.

Hawera Star, Volume XLVIII, 27 September 1924, Page 7

MORTGAGES EXTENSION.

AMENDMENTS BY LEGISLATIVE COUNCIL. BILL BACK TO ORIGINAL STATE,

WELLINGTON, Sept. 26. Important amendments have been effected to the Mortgages Final Extension Bill by the Statutes Revision Committee of tlyj Legislative Council, by which the measure is practically restored to the conditions in which it was originally introduced in the House o) Representatives. The extension of the moratorium to July 31, 1925, has been altered to December 31, 1924, as previously propose!!. The moratorium is not to be extended as a matter of course in the cAse of all mortgages to which the Act applies, but extension may be made on the application of parties who desire an extension of mortgages. Clause 5, as altered, proposes to allow extension of mortgages to date not later than December 31. 1926, instead of March 31, 1927. This means an extension of limitation of two years. Extensions must be applied for before December 31, A new clause has been inserted providing that an application for an extension order may in certain eases be referred by a judge to a magistrate or other person if the amount of mortgage does not exceed £IOOO, such reference to lie at the discretion of the judge. If the principal sum exceeds £IOOO, the case may, on the application of any party entitled to he heard on a motion for an extension order, he referred by order of a judge to a magistrate. In any case an application may be referred to a magistrate by order of a judge if the mortgagee and the mortgagor agree to that course. No alteration is proposed by the committee in respect of the rate of interest, but an alteration has been made preventing sub-section 5 (relating to reduced rate of interest for punctual payment) from being retrospective.— Chronicle correspondent.