ADJUSTMENT OF MORTGAGES

Pahiatua Herald, Volume XXXIX, Issue 11975, 16 February 1932, Page 5

ADJUSTMENT OF MORTGAGES

OF COMMISSION. Electric Telegraph—Press Association \\ E ELI NOT ON, East Nigi.t. i i.e appointment of 11 adjustment ■commissions, each consisting ol three* members, lor the purpose of assisting Courts dealing with the adjust.meat of mortgages and generally encouraging settlements between mortgagees and mortgagors, is announced by the Minister of Justice (Hon. J. G. Cobbti). The appointments were made under the recent mortgagors’ relief legislation. The procedure, said Mr Cobbe, has been made as simple as possible in order that any person may come- before a commission and have his case fully investigated without- the necessity for the employment of counsel. The meetings will be held in private, and publications . of reports of the meetings and the decisions is prohibited. ‘‘The Act applies to mortgages of land and of chattels—that is, o> stock, implements, etc., executed on *>r before April 17, 1931 —but dees not appiy to mortgages of intangible property such as company shares “Great care has been taken in selecting the members of the various commissions to ensure that only men, of sound common sense and wide experience, especially in connection with farming, are appointed. It is he;>ed that in most cases the commissions will be successful in bringi g about a voluntary settlement between mortgagees and mortgagors." The following are the members cf 11m* commissions for some of the districts. the chairman’s name being mentioned first in each ease —— Wellington : Messrs Hugh Mclntyre (Feilding), K. \Y. D illyniple (Bull ), and Albert McDonald <Ms>.sterton). Hawke’s Bay: Messrs R. S. Chads' : k < Daimevirke). I. H Jell (Havelock North) and Martin Greenwood \ Ha st i ngs I.