CURIOUS POSITION
MORTGAGE RELIEF ACT Debts Due to Retailers HOW DOES CREDITOR FARE? (By Telegraph-Preen Association.) AUCKLAND, Feb. 1. The far-reaching effect of the 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 the following effect: “If any merchant or retailer gives credit to any customer who is in the happy position of being a mortgagor such customer will only have to file an application for relief and give notice thereof to_ his creditor and he will thereupon prevent the latter from taking any steps to enforce payment of his debt without leave of the Court. It would seem, therefore, that merchants and traders in future before giving credit should inquire whether a customer is in tho unique position of not being a mortgagor.’’ The Chamber decided to send a copy of the letter to every member, to have this interpretation of the bill verified by its solicitor, and also to ask the Government if the interpretation was correct.
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Bibliographic details
Hawke's Bay Tribune, Volume XXIV, Issue 43, 1 February 1934, Page 5
Word Count
192CURIOUS POSITION Hawke's Bay Tribune, Volume XXIV, Issue 43, 1 February 1934, Page 5
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