A WIFE'S MORTGAGES.

New Zealand Herald, Volume LXVII, Issue 20562, 13 May 1930, Page 7

A WIFE'S MORTGAGES.

HUSBAND TAKES LIABILITY.

COMPROMISE OF CLAIMS.

[BY TELEGRAni. —OWN CORRESPONDENT. ] . HAMILTON, Monday.

A liability of £IOSO, consisting of an amount duo under a"' second mortgage secured on p. block of flats in Auckland, was the only debt shown in the schedule of Charles Edward Stevenson, agricultural inspector, Hamilton, whose petition in bankruptcy has boon filed. The only creditor was Dr. E. S. Stevenson, dentist, Auckland.

A deficiency of £lßl was shown in the schedule. A settlement was reached between the parties before tho- official assignee, Air. \ * It. Crowhurst, in Hamilton to-day. . ' In a written statement bankrupt said his wife purchased a block of flats in Auckland and sub-let somo of tho fiats. Ilis wifo financed tho venture, although bankrupt assisted her to the extent of £4OO. There were two mortgages on the property totalling £2IOO. Mrs. Stevenson got into arrears with her instalments of principal and interest, and to save her from bankruptcy he guaranteed Dr. Stevenson's second mortgage. Bankrupt said lie paid £l5O to his wife to pay off tho arrears, but sho again got into difficulties, and tho second mortgagee insisted on tho repayment of the principal duo. Bankrupt attributed his position to tho fact that he had been obliged to guarantee his wifp's liabilities, and had been unable to raiso tho full amount required by the second mortgagee to release himself from the debt.

Dr. Stevenson stated that through Mrs. Stevenson's default hp had spent between £350 and £4OO in meeting the demands of the first mortgage and in paying .the rates and taxes on tho property. .At tho meeting to-day' bankrupt undertook to pay Dr. Stevenson £2OO in c.isll, and to givo him a Second' mortgage of \£lso over a property he had at, New Plymouth, in full satisfaction of his claim. Dr, Stevenson, on ;tl)o other hand, agreed to accept the offer and to, consent to an annulment of tho bankruptcy.