MORTGAGES.

Manawatu Herald, Volume XLI, Issue 2006, 24 July 1919, Page 2

MORTGAGES.

THE Mortgages Extension Ad, passed early in 1 lit* war by l!io New Zealand Legislature, lias to expire by (lie terms of; (he Act within a period not exceedin';' six months after a stale of war has ceased to exist. By Order-in-Conneil it has boon determined that the lime shall be August * 31st, 191 t). It is quite probable that if (he session proves to be any kind of a business session, all these questions relating to expiry of war legislation may be raised, and the further extension of mortgages may be ordered by Parliament in an enactment. The -original Act forbids a mortgagee, without leave of the Supreme Court, to do any of the following things: (a) To call up or demand payment from any mortgagor of the principal sum, or any part of the principal sum, secured by any mortgage’; (b) to exercise any power of sale, or entry into possession conferred by any mortgage or by Statute; (e) to commence any action or proceedings for breach of any covenant, agreement, or condition expressed or implied in any mortgage other than a covenant, agreement, or condition for the payment: of interest; (d) to commence any action or proceedings for any rate of interest higher than the reduced rate (if any) provided in the mortgage in the ease of punctual payment,