MORTGAGE CASES

Southland Times, Issue 22010, 9 May 1933, Page 7

MORTGAGE CASES

RELIEF APPLICATIONS DEPUTATION TO PRIME MINISTER POWER OF MAGISTRATES (Per United Press Association.) Wellington, May 3. A deputation representing the Investors’ Protection Association of New Zealand placed before the Prime Minister (the Rt. Hon. G. W. Forbes), the association’s views concerning various matters affecting the public generally and, in particular, mortgagors and mortgagees. It was suggested that adjustment commissions should consist of representatives of both mortgagor and mortgagee with a chairman appointed by the Government. It was stated that the Government should do something to prevent delay in dealing with applications for relief. The jurisdiction of Magistrates should be extended to enable them to deal with cases involving mortgages up to, say, £5OOO. It had been suggested to the association that judges had insufficient time to satisfactorily deal with the accumulations of applications .in the country districts. The association was opposed to the suggested appointment of an additional judge to deal solely with mortgagor- relief applications, because he could not be in Half a dqzen places at once. It was considered that if an additional judge were appointed, his appointment should be temporary, and that whilst the present judges be not relieved of duties with respect to mortgagors’ relief applications, the new judge should be made available to deal with urgent matters and accumulations. The association asked for a reduction of the stamp duty payable on transfers from mortgagors to mortgagees. It was also stated that mortgagees on taking over mortgagors’ property were being called upon to pay arrears of land tax and rates, whereas in most cases large arrears of interest had been cancelled by the Court and the Adjustment Commission. This was considered unfair. It urged that legislation was required to enable mortgagees to inspect accounts between stock and station agents and mortgagors. Mortgagees’ rights under the Small Farms Act should be enlarged. The association advocated the placing of statutory restrictions on local bodies’ borrowing powers.

Mr Forbes undertook to consider the views presented by the deputation.