HIRE PURCHASE BILL

Gisborne Herald, Volume LXVI, Issue 20001, 28 July 1939, Page 11

HIRE PURCHASE BILL

PASTY EIGHTS DEFINED SALE OF SEIZED GOODS (Parliamentary Report or.) WELLINGTON, last night. The Hire Purchase Agreements Bill which was introduced in 'the House of Representatives this afternoon, is to 'revent unconscionable action by ■-■endors under the hire-purchase -vstem of the sale and purchase of goods. Where the purchasers have defaulted m.akY’g their payments when due or -,-e otherwise failed to carry out the mis of the agreement, proper ■medics are preserved for the vendors ’ jhese cases, but the purchasers are wen re a :.'o noble opportunities of re ■ieving their right to the possession of .he goods they have purchased. T 1 -idol* is 'required to refrain 'for 21 jays from selling any of the food sized, except with the consent of ;•■■• m;‘chaser. Ivi. the meantime, he mu? •vo to the purchaser notice sett'n - i th (the !' "farmnil'an as bo his in deb • fines? end as to the value.of the good' ""0 purcha cr then has the right lipon performing his Obligations and paying the costs of ‘seizure, to obtain re-delivery of the 'goods. If the purchaser is unable to take idvan'thge of these provisions and ilfimately loses the right to retain ihe goods, a further provision is made enabling him to recover from the vendor, 'who has seized the goods, a fair proportion of the moneys already naid towards the purchase price Similarly, the vendor will not be mtitled to recover from the purchase:in seizure of the goods any sum which, oget'her with the value of the goods exceeds the original purchase price agreed upon between the parties. 'Suitable provision,s are also combined in the Ibill for the protection of 'u'a ran tors of purchasers’ obligations. \it the same time the rights of vendor against guarantors are protected. The court is given powers of reopening unconscionable hire purchase ransacticns and of'adjusting the right; md liabilities of the parties on a fair basis. A further provision protect? he position -of a person, who has a hen for work, done to any goods ■uibject to a hire-purchase agreement, unless he has had notice of a stipulation in the agreement prohibiting the creation of any lien.