HIRE PURCHASE SYSTEM.

Star (Christchurch), Volume XLIV, Issue 366, 7 March 1932, Page 8

HIRE PURCHASE SYSTEM.

Address to Creditmens’ Club.

Members of the Christchurch Creditmen’s Club were addressed at their luncheon this afternoon by Mr R. L. Ronaldson on the hire purchase system. There was a full attendance, the president (Mr L. L. being in the chair. In welcoming Mr Ronaldson the chairman said that Mr Ronaldson had kindly consented to fill a breach caused by the absence of Mr W. J. Hunter, who was to have addressed the club, but had been prevented from attending owing to a slight indisposition. The club was grateful to Mr Ronaldson for his sporting action. Explaining the hire purchase system as it was seen from its legal aspects, Mr Ronaldson said that in the event of bankruptcy the law took the view that the man who allowed the goods to be purchased must allow them to go into the estate of the bankrupt as part of his chattels. This gave rise to the question of how the hirer was to protect himself. The difficulty had a simple solution, by registration in the Supreme Court. Registration meant the filing of a copy of the agreement btween hirer and purchaser at the Court. There were certain forms of hire purchase that did not need registration, these being the customary purchases coming under the scope of the Chattels Security Act of 1924.