The Waihi Daily Telegraph. WITH WHICH IS INCORPORATED THE WAIHI MINER THURSDAY, DECEMBER, 21, 1905

Waihi Daily Telegraph, Volume V, Issue 1513, 21 December 1905, Page 2

The Waihi Daily Telegraph. WITH WHICH IS INCORPORATED THE WAIHI MINER

THURSDAY, DECEMBER, 21, 1905

two skill tlio l-re«s tlio teople's lilrtit muntam tjiwwed b)f mflueuo6 »ii<l anbtlbod ty galii | - p'* = 'i>ta ."liili/ed totlolinon. T.ibortr, tndXtw

An .informing Bttmraary of. the Propeity E.i\v, a consolidating Act of .121 claapea passed last session, is given by tho Mercantile Gazette, \V« find thftt provision is inada for cqrtailing tlie length of deeds (16h1- ; i'ng;with iiite reht s in land,, and - that: the covenantß nsnally set ont iti 'mprlg'iges are now implied by virtnfl of the Act/ Accoiding to tho Act the second sobednlo, containing nine or ton lines, if copied on Jo a ehtetjof not 6 paper, signed b&thb, inorllagprf, and duly 1 to fa thelnost carefully, prepared mort.gagV/iioiwitfistanding the snffl'to be frjogr&'ilt is doubtful, however, if 5

mortgagees will accept (lie risk o lending 1 theii money nponadocn jriont'of so informal a character, ant tliey- '-will bo well adviaad-;if,'lie; adopt in the fnlnra the same pro oaution they have taken, hitherto Whatever may bo said of lawyer mortgagees have >so far ; had m reason to complain that their mone; has been lost by any want of care it the'preparation ot their securities b, wliciiors and other piraoiiH legall; empowered to prepare such (loci) ments. Ono very .mipo.rli.mt altera "lion has been ramie in the Act., U| to Ihe piemnl a moi Ik lgee who conl not obtain, paymont for Hit)-inoiw; he bad lent, nor effect a sale of in property, has been enabled to p« tho same np to auction through; tin Registrar of the Supreme Court,, am hitoself to become tlm purch^sei Tiv the past cases have aiisen ut which the mortgagee has been tl.i only person who has bid, and thei are instances where the moitgag" has acquired the land at a-nier.el, nominal value,' After dediicun, expenses of the sale, and all matioi incidental thereto, the amount ie : coived by. the Registrar in Buch case would.be infinitesimal, the re Quit being that the mortgagor ios hid property without reducing hi liability. To make this oleai-flr, wi assume the following: A owes 1 £-1000 on a mortgage of 100 acres and as* lie pays neither interest no principal, B tries unsuccessfully t. dispose of the property, and thei applies - for a salo through th Registrar..": M this auction-rolen> one desires to bny, bo the bid o £250, made by-B, is .accepted, am lie- becomes tho purchaser at tha amount. He pays the exponses in enrred and receives a conveyance from tho Registrar, the diftflrenci between £2OO and tho coßts i credited to the mortgage debt, witl Ihe result that B owns ,tfo land, and A remains indebted i' him for the full amount, less £2OC The alteration made by the Propert; Act is very simple, -It uierel; renders it obligatory .upon the indrt gagee, before proceeding to a s.il Ihrongh the Registrar, to declare hi valuation of the property, and th mortgagor may, by payment of th l imount so declared, obtain redemp ion of his land; and.it the mort; jagee acquires the land by purchus ihrongh tho he- must pa; in amount," not being less ■ than Jhi nm he has named. as its value Phis condition being coinpliod with, le •' obtains •an absolutely good itle. .