GIFTS OF STOCK

Wanganui Chronicle, Volume 89, Issue 276, 22 November 1945, Page 8

GIFTS OF STOCK

NOT INCLUDED IN SECURITY REHABILITATION LOANS (Special) Wellington, Nov. 20 Gifts of stock made to ex-service-men farmers, either by organisations or private donors, are not to be included as security for rehabilitation farm loans. This decision was made at a recent meeting of the Rehabilitation Board. It. was staled that representations had recently been made to the Minister of Rehabilitation, Mr. Skinner, by several organisations and private individuals in Wanganui, requesting that female stock donated as a straight-out gift, and the progency of such stocj<, should be excluded from security of rehabilitation loans. Since then the matter had been thoroughly examined. The board’s decision was that “where the security for a icnabilitation loan includes live stock and the ex-serviceman receives a gift of stock of a class ; object to this security from an organisation or group of organisations approved by the Rehabilitation Boa-a, it wil] be agreed to exclude from the security stock of an equal number.” This is subject, to advice being received at the time of the gift regarding number and quality; and also to any adjustmen subsequently made neces ai’v by the serviceman selling pair of his herd or flock. This arrangement, of course, cannot affect the rights of other creditors of the ex-serviceman. 1 wa > considered that the object of the resolution would be defeated if. for example, the ex serviceman gave a second charge over the stock, became bankrupt or assigned his estate for the benefit of creditor:-, or if an execution were levied by a judgment creditor. It was decided that any progency of gift stock should become the property of the ex-serviceman and as such should be subject to any in- ’ cumbrance that might then exist.