POWERS OF MORTGAGEE

Gisborne Herald, Volume LXVI, Issue 20024, 24 August 1939, Page 5

POWERS OF MORTGAGEE

NOTIFICATION REQUIRED,

EXERCISE OF RIGHTS

(Parliamentary Reporter.)

WELLINGTON, this day. “Most of the recent laws of‘this type have been of assistance to the mortgagor, but the poor old mortgagee has not received a great deal of, consideration.”

This comment was made by the Leader of the Opposition, the Hon. Adam Hamilton, when the Property Law Amendment Bill was passing through the committee stages in the House of Representatives. He siaid that the requirement that one month’s notification be given before the mortgagee could exercise his rights over a property was one that every decent lawyer and every decent mortgagee would comply with, bfit the Government should be careful not to load too many restrictions on the mortgagee. Some laws of this type were apt to make land mortgages unattractive. The contention was made by Mr. W. A. Bodkin (Nat., Central Otago) that it was not advisable to restrict the rights of the mortgagee, though there could be no serious objection to the proposal outlined in the bill. Because of interference caused by past mortgage legislation, money was not reiadily available for land development and young men keen to take up holdings found it exceedingly difficult to obtain the finance •they required.

The bill was put through the final reading and passed.