AUSTRALIAN MORATORIUM

Taranaki Daily News, 17 January 1931, Page 5

AUSTRALIAN MORATORIUM

COVERING HIRE-PURCHASE.

NEW SOUTH WALES SCHEME.

Proposals before the New' South Wales Parliament for declaring a moratorium were extended to hire-purchase agreements which have been made to cover all sorts of artcles other than the time-honoured sewing machine and pianoforte purchases by extended payments. Motor-cars, wireless sets, women’s fur coats, gramophones, jewellery, ing. machines, and all sorts of articles t necessaries and otherwise, have been sold on tjie hire-purchase system. The above proposals are made retrospective to November 26, so as to protect persons against whom proceedings were commenced after the Government’s intention to introduce the moratorium was .announced.

The provisions of the Act extend to hire-purchase agreements. A hire-pur-chase agreement is regarded as a mortgage on goods. In the case of a hirepurchase agreement the Court may-re-adjust the amount of instalments to be paid and postpone the payment of instalments, having due regard to the rights and interests of both parties, tc the conduct of the hirer,-and to all circumstances of the case.

Tlie Court is given wide discretion to vary nstalnients and suspend payments. A mortgagee may be allowed to foreclose if the Court is satisfied that the continuance o fthe mortgage would seriously affect the security or that the conduct of the mortgagor has rendered him undeserving of protection.