MORTGAGORS’ RELIEF

Poverty Bay Herald, Volume LX, Issue 18264, 6 December 1933, Page 5

MORTGAGORS’ RELIEF

AMENDMENTS TO ACT FINANCE BILL PROVISIONS (Per Press Association.) WELLINGTON, last night. Under the provisions of the Finance Dill, which was introduced in the House of .Representatives this evening, authority is given for the exclusion of exchange in the compilation of overseas passenger duty.

A provision is contained that _ there shall be no appeal from the decisions of judges or stipendiary magistrates in respect to orders made under the National Expenditure Adjustment Act concerning application for relief by mortgagors on the ground of undue hardship. The application of the interest reduction provision of the National Expenditure Act is extended to cover payments on table mortgages, a new section providing that, where there was a statutory reduction of interest in such eases, then the amount of each instalment of principal and interest payable after the date of reduction shall be reduced by an amount equal to the amount by which the interest included in such instalment has been reduced. Provision is made for the apportionment of rent of furnished premises under contracts affected by the interest reduction provisions. Where part of the rent reserved is payable in respect to furniture or other chattels, an apportionment between chattels and other property is to be made by a magistrate in default of agreement between the parties. The original powers of the Supreme Court to reduce annuities or other periodic payments derived from rent or interest are extended to take into account reductions in income caused bv the Debt Conversion Acts.