MORTGAGOR AND MORTGAGEE.

New Zealand Herald, Volume LXIX, Issue 21130, 12 March 1932, Page 14

MORTGAGOR AND MORTGAGEE.

Sir, —Owing to a large number of returned soldiers having purchased farms at a high price, during prosperous timos, and to the fact that many of them have beeu left lamenting on account of the fall in price of our principal primary products, a good deal of public sympathy has naturally been evoked for those unfortunate men when it bocamo known that some of them were boing pressed for payment of the balance of purchase money, mostly secured by deeds of mortgago. On the face of it the soldiers appear to bo deserving of the sympathy and help of the "dernier resort," viz., the Government, but at the same timo had the soldiers paid cash for their farms, which are now much depreciated in value, could they have gone to their vendors for a rebate of tho purchase money paid and raised a plea of admiserieordia'! That would have been an unheard-of step to take, and that is what somo are now practically asking for. Had llio properties increased in valuo and the vendors* had claimed a share of profits what langimgo that is printable would they have expected to lie thrown at them. The one-sided view is your correspondent's, "Justice and Equity," warped idea of what is fair and just! The fact that circumstances necessitated a formal financial adjustment of purchase money, does not in the least alter tho principle involved in making a rebate. The press correspondence, which has taken place regarding mortgages, has fended to create in the minds of many, including our legislators, confusion, inasmuch as 110 descriniination has been made between the above class of mortgago and the person, such as a trustee, who lias cautiously invested money, not on an inflated value basis, for the purpose of producing an assured income, often for needy beneficiaries. There arc two distinct classes of mortgage which must be differentiated. A person who borrows money on mortgage is a debtor to his mortgagee, tin* same as any other debtor. Why should he be out by statute for special privileges more than any other debtor? Sometimes creditors who ask for full payment of the money due to them are foolishly compared with Shylock by unthinking persons, apparently oblivion* of the fact that the Jew was asking for more than was in the bond, viz., drops of blood, whereas creditors only ask for • strict, performance of the contract. Sine Nomine..