MORTGAGES EXTENSION ACT

Dominion, Volume 12, Issue 252, 18 July 1919, Page 5

MORTGAGES EXTENSION ACT

6 TIME OP EXPIRY. The Mortgages Extension Act, passed early in tho war by the New Zealand Legislature, has to. expire- by the terms of tlio Act within a period not exceeding nix months after a state of war has ceased to exist. As it has already been proclaimed that a state of war no.longer exists Nietween New Zealand ami Germany, it has becomq necessary to define exactly the time of "expiry of the Act. By Order-in-Council it has 'been determined that tho time shall be August 31, 191!). It is quite probable that if the session proves to be any sort of a business session, ali these questions relating to expiry of war legislation may bo raised, and tho further extension of mortgages may be ordered by Parliament in an enactment. Tho original Act forbids a mortgagee, without leave of the Supreme Court, tu do any of the following things:— (a) To call up or demand payment from any mortgagor of tho principal sum or auy part of tho principal sum 6e-. cured by any mortgage: (b) To cxerciso any power of.sale or entry into possession conferred by any mortgage or by statute: (c) 'io commence any action or. proceeding for breach of any covenant, agreement, or condition, expressed or implied, in any mortgage other than a covenant, agreement, or condition for the payment or interest: . • (d) To commence any action or proceeding for any rate of interest higher than tho reduced rate (if any) provided in the mortgage in the case of punctual payment.