EXTENSION OF MORTGAGES

New Zealand Times, Volume XLVII, Issue 10852, 18 March 1921, Page 6

EXTENSION OF MORTGAGES

SHOULD HAVE GENERAL APPLI CATION. The following letter has been forwarded to the Hon. the Attorney-Gene-ral by Mr H. D. Vickery, secretary of the Wellington Chamber of Commerce: “At a meeting of my council, the following resolution regarding the above bill was adopted:— “That, as Government has deemed it advisable to extend the duration of tho Mortgages Extension Act, 1919, this chamber is of opinion that, in view of the financial stringency existing, the provisions of the Act and its' amendments should be made to apply to all mortgagee.’ “The Mortgages Extension Act, 1919, states that the Act shall apply to all mortgages except ‘(c) mortgages executed after the commencement of this Act’—that is, mortgages executed after October 24th, 1919.

' ‘Sly council directs me to say that it considers that if it was necessary in 1919 to continue legislation limiting the rights of mortgages) it believes there is greater need at the present time, and it respectfully urges you to take into consideration the advisability of extending the provisions of the Act to all mortgages. “In the course of the discussion at tho council meeting it was pointed out that since October, 1919, there have been many cases of mortgages having been given by returned soldiers a.nd others to private individuals, which mortgages are not subject to the provisions of the Act. It is probable that at this time many of these mortgagors may be seriously embarrassed financially, and, being beyond the scope, of the Act may oe in danger of having their mortgages foreclosed.”