MORTGAGORS AND TENANTS RELIEF.

Horowhenua Chronicle, 13 June 1932, Page 5

MORTGAGORS AND TENANTS RELIEF.

ADJUSTMENT COMMISSION SITS IN LEVIN. SCOPE OF LEGISLATION EXPLAINED. The Wellington Adjustment Commission under the Mortgagors and Tenants’ Relief Acts commenced a sitting in the Levin Courthouse this morning and will conclude it to-morrow. The personnel consists of Messrs Hugh McIntyre (Chairman), of Peilding, Albert McDonald, of Mastcrton, and K. W. Dalrymplc, of Bulls, with Mr J. T. A. Beaumont, of the Wellington Supreme Court staff, as secretary. Under the relief legislation, eleven sueli commissions were set up throughout New Zealand, and each lues .one land district allotted to it, with the exception that the Canterbury Comission also takes in Westland. The Commission now in Levin has held sittings at Palmerston North, Mastcrton, Pcathcrston, -Pahiatua and Wellington. After its Levin session it will go on to Peilding, where it will sit on throe days. The principal Act conferred certain powers of mortgage relief on. the Courts, and the amending .measure -authorised the siting up of commissions for the purposes of assisting the Courts in Mie exercise of their jurisdiction and generally for the purpose of encouraging voluntary settlements between mortgagees and mortgagors. In the last session of Parliament the Mortgagors and Tenants Relief Act was passed, which, inter alia, extends the provisions for relief om farm lands to all classes of mortgages, and introduces authority for relief to lessees by way of remission or reduction of rent.

Summed up, the -chief effects of the legislation' arc to empower the Courts to postpone up to two years the due date for the payment, of any interest or principal, to reduce the rate of interest payable, to remit the whole or any part of any arrears of interest accrued due before the date of the order, to extend up to two years th'e term of a talblo .mortgage, to postpone the right of a mortgagee to recover principal oivinterest as a debt, to reduce the rent payable under ia lease, and to remit such rent in arrears. Where the principal due under a mortgage does not exceed £2OOO, or whore the annual rent reserved by any lease does not exceed £2lO, the jurisdiction is in the hands of a Magistrate instead of the Supreme Court. Applications for relief are made in the first instance to the Courts, which then refer them to the Adjustment Commissions for investigation, unless the parties concerned agree to accept the determination of the Court without such reference. It is the duty of the Commission to hear every party interested and then to frame its report and make any recommendations it considers necessary, these being returned to the Court. The proceedings of the Commission iare not open to the public and its findings are not permitted to oe published in the Press.