Money is Master Here.
The Land Transfer Act of New Zealand has been framed more for the purpose of protecting the mortgagee than the owner of landed property. Clause 95 of the Act states : ' In every mortgage of land, there shall be implied against the mortgagee a covenant that he will repair and keep in repair all buildings or other improvements erected and made on such land,' and it gives the mortgagee power, at any time, to enter into and inspect the state of repair of such buildings and improvements. Clauses 98 and 99 provide that the mortgagee may give notice in writing of the breach of any covenant and if such breach remain in existence for one month thereafter he may sell the> property by public auction or private contract and under such conditions as he thinks fit. In short, the unfortunate mortgagee, by Ms own title, is placed completely at the mercy of the man he borrows money from, and his only safe course, if his title is under this Act, is not to borrow at all.
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https://paperspast.natlib.govt.nz/newspapers/TO18910124.2.2.5
Bibliographic details
Observer, Volume X, Issue 603, 24 January 1891, Page 3
Word Count
179Money is Master Here. Observer, Volume X, Issue 603, 24 January 1891, Page 3
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