MORTGAGE RELIEF

Southland Times, Issue 22202, 20 December 1933, Page 8

MORTGAGE RELIEF

ACTION DEFERRED. (From Our Parliamentary Reporter.) Wellington, December 19. It is possible that the Mortgagors and Tenants Relief Bill which was introduced in the House of Representatives on Friday and referred to the Statistics Revision Committee will not be passed this session. The Bill contains considerable additions to the present legislation and seeks to establish new principles relating to stock mortgages. Protests have been sent to the Government and in view of the need for giving these consideration, it is likely that the present Bill will be held over until next session and that existing legislation which expires on December 31 will be extended by the passage of a short Bill of one clause. The whole question was considered at a caucus of the Coalition Party and the course decided upon is understood to be the result of the representations then made by the rank and file.

VITAL ALTERATIONS POWERS OF THE COURT. (From Our Parliamentary Reporter.) Wellington, December 19. Alterations of a vital nature have been made to the Mortgagors and Tenants Relief Bill by the Statutes Revision Committee of the House. The Bill, while consolidating the eight previous enactments dealing with the subject, made provision for the joining of a stock mortgagee in pooling schemes and distribution under hard and fast rules. The amendments enable the court to make the conditions of pooling schemes on such lines as are considered equitable and just, voluntary agreements now. in operation in a great many cases being taken as a guide. For the guidance of the court specimens of these agreements are contained in the Bill. The provision in the Bill giving stock mortgagees three months in which to exercise any powers granted them by the courts has been extended to six months. It is also provided that where an order for relief has been made, it shall not be upset by any . outside creditor initiating proceedings in bankruptcy or by way of judgment against a mortgagor. A mortgagor cannot be sued for 'rates during the currency of the order. Another important change is the deletion of the original provision removing the personal covenant from mortgages relating to religious, charitable and educational properties.