RELIEF OF MORTGAGORS

Otago Daily Times, Issue 21300, 2 April 1931, Page 12

RELIEF OF MORTGAGORS

A PROTECTIVE CLAUSE MEASURE OPERATIVE FROM MARCH 18. (Pee United Press Association.) WELLINGTON, April 1. Regarding the Mortgagors Relief Bill, the Prime Minister (Mr G. W. Forbes) stated to-day that from information conveyed to him it appeared that there was a probability of some mortgagees taking advantage of the delay in the passing of the measure that had occurred in Parliament, thus inflicting a hardship on mortgagors. In view of these circumstances, Mr Forbes stated that he intended to introduce an amendment providing that the Bill would be deemed to come into force on March 18, the date of its introduction into Parliament. Further, the Prime Minister said it was proposed to extend the scope of the Bill so as to empower Ihe court to prevent any judgment or order of any court in civil jurisdiction obtained by a mortgagee being executed against any property whatsoever of a mortgagor, and also to prevent any such judgment being enforced by bankruptcy proceedings. At the same time, in order that fresh advances might not be held up, the Prime Minister stated that the Bill would not apply to mortgages executed after the date from which the Bill was deemed to have come into force —namely, March 18.