MORTGAGE REVIEW

Te Awamutu Courier, Volume 53, Issue 3829, 4 November 1936, Page 5

MORTGAGE REVIEW

REGULATIONS IN FORCE. REQUIREMENTS OF ACT. Regulations under the Mortgagors and Lessees Rehabilitation Act, 1936, relating to applications for adjustment of liabilities, have been gazetted and came into force on October 30. They prescribe the form in which applications must be forwarded to the registrar of the Court of Review. An application by a mortgagor, lessee or guarantor for adjustment of his liabilities, whether in respect of a farm, home or other mortgage or a farm, home or other lease, must be accompanied by a complete verified list of debtors and creditors, and a verified statement showing particulars of assets and liabilities and of the securities held by the secured creditors. Where the mortgagor or lessee has made default in complying with the obligations under the mortgage or lease and has failed to file an application for adjustment, the mortgagee, lessor or guarantor may apply to have the liabilities adjusted, the mortgagor or lessee being required in that case to forward to the registrar within 21 days the verified statements re ouired with a mortgagor’s application. Where the State Advances Corporation or the King is a creditor of the mortgagor or lessee the latter is required to forward a copy of his veri fled statements to the manager of the State Advances Corporation or the Commissioner of Crown Lands for the district in which the property is situated. The final date by which applications must be lodged is January 31, 1937.