MORTGAGE LEGISLATION

New Zealand Herald, Volume LXXIV, Issue 22822, 1 September 1937, Page 17

MORTGAGE LEGISLATION

Sir, —I have read the letter of your correspondent "71" regarding the above legislation. When the position was brought before the Minister for Justice, lie assured mortgagees that no mortgagor would be allowed to withhold payments due, pending the hearing of an appeal. The Prime Minister has also stated that his Government is liable to err, but would be ever ready to rectify any error which may occur. Soothing as this may be, it makes the position most unpleasant, and costly to the unfortunate mortgagee who is dependant upon such payments. No doubt Ministers of the Crown realise that certain enactments passed during their two years of office, require some adjustments; the Mortgage Relief Act, in its present state, is a gross miscarriage of justice, and recpiiics modification. As the Act now stands, some mortgagors holding land under mortgage, arc enjoying the complete use ol such lands, free of any payment to the mortgagee, until such time as the appeal has been dealt witii. Jt is unfortunate that Government officials, generally speaking, are somewhat slow in their actions, and it would appear that two, or even three years, may elapse before all cases are dealt with. Beinf a victim under precisely the saintTconditions as 71, I also am most interested, and have written to the Prime Minister asking his interpretation of the Act, at the same tune placing my position as a nioi tgagee.