GIFTS OF STOCK

Bay of Plenty Beacon, Volume 9, Issue 27, 27 November 1945, Page 3

GIFTS OF STOCK

NOT INCLUDED IN SECURITY REHABILITATION LOANS Gifts of stock made to ex-serviee-mon farmers either by organisations or private donors are not to be included as seeuri ty ['or rehabilitation' farms loans. This decision was made at a recent meeting of the Rehabilitation Board. It was stated that representations had recently been made to the Minister of Rehabilitation the Hon. C. F. Skinner by several organisations and jn'ivatc individuals in Wanganui requesting that female stock donated as a straight-out gift and the progeny of such stock 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 rehabilitation loan includes live stock and the ex-serviceman receives a gift of stock of a class subject to this security from an organisation or group of organisations approved by the Rehabilitation Board, it will 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 adjustment subsequently made necessary by the servicemen selling part of his herd or flock. This of cannot affect the rights of other creditors of the cx-servieeman. It was considered that the object of the resolution would be defeated if, for example the ex-serviceman gave a second charge over the stocky became bankrupt or assigned his estate for the benefit of or if an execution were levied by a judgment creditor. It was decided that any progeny of gift stock should become the property of the ex-serviceman and as such should be subject to any incumbrance that might then exist.