CHATTELS TRANSFER AMENDMENT

Wanganui Chronicle, Volume LXXXI, Issue 18818, 6 July 1923, Page 5

CHATTELS TRANSFER AMENDMENT

(By Telegraph.) (From Our Parliamentary Reporter) WELLINGTON, July 5. The Chattels Transfer Amendment Bill made its appearance in the Legislative Council and was read a first time pro forma and referred to the Statutes Revision Committee. The object of the Bill is to extend to all mortgagors of stock who have expressly granted to their mortgagees the same rights over wool as are conferred by an express covenant to execute wool liens, the benefit intended to be provided for all by the amendment of 1 922. The object of the 1922 amendment was to save to the sheepfarmers throughout the country, whose stock was mortgaged, the expense and trouble of annual wool liens to same mortgagee. That Act, however, dealt only with the class of mortgages of stock which contain express covenants to execute annual wool liens. There is another large class of mortgages of stock which contain a covenant to deliver wool annually to the mortgagee of the stock, but omit an express covenant to grant annual wool liens. In the latter class of cases that special form of mortgage was adopted by reason of the provisions of section 30 of the Chattels Transfer Act. 1908.