MORTGAGORS AND MORTGAGEES

Stratford Evening Post, Volume II, Issue 238, 9 May 1933, Page 5

MORTGAGORS AND MORTGAGEES

Deputation to Prime Minister ADJUSTMENT COMMISSIONS Press Association —Copyright Wellington, May 8. A deputation representing the Investors' Protection Association of New Zealand placed before the Prime Minister (the Rt. Hon. G. W. Forbes) to-day the association's views concerning various matters affecting the public generally and in particular mortgagors and mortgagees. It was suggested that the adjustment commissions should consist of a representative of both mortgagor and mortgagee with a chairman appointed by the Government. 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, £SOOO. It had been suggested to the association that judges had insufficient time satisfactorily to deal with the accumulations' of applications in 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 dozen places at once. It considered that if an additional judge was appsinted his appointment should be temporary and while the present judges should be not relieved of their duties with respect to mortgagor 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 pointed out that mortgagees on taking over the 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 a court and adjustment commission. This was considered unfair. It was 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 placing a statuary restriction on local bodies' borrowing powers.

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