MORTGAGE LAW.

Wairarapa Age, 30 July 1936, Page 5

MORTGAGE LAW.

ASSURANCE BY MB. SAVAGE. NEW LEGISLATION OF WIDE SCOPE. (By Telegraph— 44 The Age” Special.) WELLINGTON, July 29. 4 4 When our legislation dealing with mortgages comes in at the front gate, the legislation put on the Statute Book by our predecessors will go out over the back fence,” declared the Prime Minister (the Rt. Hon. M. J. Savage) in the House of Representatives, in reply to an urgent question by Mr. W. J. Polson. Mr. Savage gave a definite assurance that mortgagors were going to be protected aa far as was humanly possible. 44 1 s the Prime Minister aware,” said Mr. Polson, 4 4 that farmers signed applications to come under the provisions of the Mortgagors Final Adjustment Act, on the advice of himself and of the Minister of Finance! These farmers now find that the effect of their action is to cancel all their rights under the Mortgagors and Tenants Relief Act, 1933 and place them under the stay order plan, thus losing all the benefits of the 1933 Act. Not only so, but immediately they sign an application to come under the 1935 Act, provisional trustees are appointed who at once demand not only a full statement of their position, but all the cash which they have in hand, thus leaving them without even funds for household expenses for the winter season.” The Prime Minister’s answer, in addition to the declaration quoted, included an assurance that the Government’s legislation for the relief of mortgagors will apply to all mortgages and will include provision, for the rehabilitation. of all mortgagors, including those under stay orders.