SIMPLIFICATION IN MORTGAGES &c.

Otago Witness, Issue 1584, 1 April 1882, Page 14

SIMPLIFICATION IN MORTGAGES &c.

At the next meeting of the Invercargill Chamber of Commerce, Mr J. L. M'Donald will move— "Whereas 'The Building Societies Act, 1876,' 'The. Friendly Societies Act, 1877,' and 'The Industrial and Provident Societies Act, 1877/ provide a receipt according to the form given in the schedule to those Acts, endorsed on or annexed to mortgages, incumbrances, and further charges shall be sufficient to vacate and discharge the same and vest the estate in the person for the time being entitled to the equity of redemption thereof without any reconveyance ; _ and whereas it would conduce to the simplification and facility of such transactions were a similar provision made applicable to all mortgages, incumbrances, and further charges of or affecting freehold or leasehold properties : therefore this Chamber resolves —That it is expedient to amend the Conveyancing Ordinance, No. 10, session II of the Legislative Council of New Zealand, so that it maybe provided and declared that a receipt (according to a form to be given) shall bo a sufficient discharge of all mortgages, incumbrancos, and further charges, signed by the mortgagee or incumbranee, and attested by one witness, endorsed on such instruments or annexed thereto. That this Chamber transmit the foregoing resolution to the various Chambers of Commerce throughout the Colony, and respectfully request their cooperation and furtherance of such reform."