CHATTEL SECURITIES.

New Zealand Mail, Issue 810, 9 September 1887, Page 19

CHATTEL SECURITIES.

TO THE EDITOR OP THE NEW ZEALAND MAIL. Sir, —The Chattel Securities Act, 18S0, Amendment Act, 1887, ought for -its importance and brevity to have been published in the Government Gazette. It relates to leases and mortgages, live stock liens on wool and oil, and 'designates the securities affecting the same “special securities.” It withdraws from such securities the operation of sections 3 to 7, both inclusive, of the Chattels Securities Act, 1880, Amendment Act, 1883. It also withdraws from these securities the provisions of the 80th section of the Bankruptcy Act, 1883. It is regrettable that this measure, which certainly affords facilities for irregular dealings in these securities, was not introduced in the Legislative Council in the early part of the session, ’.when more time could have been given to its consideration. It obviously requires to be amended by the insertion of a clause compelling the insertion in every special security executed according to the provisions of the Act, of a proviso limiting the amount of principal and interest to be secured by such special security. Lacking such a proviso, the existence of a special security should seriously affect the outside credit of the person giving it. —I am, &c., O. Wellington, 30th August.