SELLING UP NOTICES.

Poverty Bay Herald, Volume XLVIII, Issue 15873, 12 July 1922, Page 12

SELLING UP NOTICES.

SYSTEM STRONGLY CRITICISEM

(Parliamentary Reporter.)

WELLINGTON, this day

Disability under which mortgagors subject to foreclosure suiter as a result of insufficient advertisement of ! the sale of their properties was mentioned in the House by Mr Young; (Waikato). Present conditions, lie argued, led to trickery. Illustrating his point, Mr Young quoted the case of a woman who had bought a property and paid £4OO as a. deposit. She was to pay off £7O. in 12 months, and the balance of £3OO or £4OO was to stand on mortgage at six or seven per cent. . Misunderstanding the position the woman bad not paid £7O, and it was ■ admitted there had been a certain amount of obstinacy on her part. The mortgagee had foreclosed. The woman, since the advertisements had been published, was in a position to pay £7O, hut to clear the property she would have to find the other £3oo' or £4OO. This she could not do, and the property was to be sold. What had become of the £4OO deposit ? Mr Howard: Sharks have it.

Mi' Young said what would happen* wag that probably the mortgagee would go into the auction mart and buy it at his own price. Mr Howard: And vote Reform.

Mr Young said the present form of advertisement in such cases was totally inadequate. It was not fair that land should be put up for sale with an indefinite description. The name of the mortgagee, fjhe amount of the mortgage, the rate of "interest, and the cause of foreclosure should all be published. Mr Jennings: Hear, hear. Mr Young: And plenty of time should be given. The advertisement should give a full description of the property, and every opportunity should be 1 given the mortgagor to redeem the property if possible. This question would have to be taccled, and it should be tackled this session. The present system lent itself to trickery. J

The Minister of Education: The Registrar of the Supremo Court, frames the advertisement.

Mr Young :Yes, but he makes it in accordance with Statute. An amendment is necessary to compel him to put in better and more adequate advertisements.* ,