N.S.W. HIRE-PURCHASE

Nelson Evening Mail, Volume LXIV, 20 January 1931, Page 9

N.S.W. HIRE-PURCHASE

MORATORIUM TO APPLY

Proposals before the New South » Wales Parliament- for declaring a. mo- X ratorium were extended to hire-purchase agreements which have been made to cover all sorts of articles other than the * pianoforte purchases by extended paynients. Motor-cars, wireless sets, wo- V men’s fur coats, gramophones, jewellery, -*■ vyashing machines, and all sorts of artides, necessaries, and inessentials have 2' been sold on the hire-purchase system. •/' The above proposals are made retro- < spective to 26th November, so as to protect persons against whom proceedings V were commenced after the Government’s intention to introduce the moratorium )- was anounced. Tbs provisions of the - Act extend to hire-purchase agreements, v A hire-purchase agrement- is regarded . as a mortgage on goods. In the case of a hire-purchase agreement the Court may readjust, the amount- of instalments to be paid, and postpone the payment of , instalments, having due regard to the rights and interests of both parties, to the conduct of the hirer, and to all cir- • cumstances of the case. The Court is given wide discretion to vary instalments and suspend payments. A mortgagee may bo allowed to foreclose if the Court is satisfied that the continuance of the mortgage would seriously affect the security or that the conduct of the mortgagor has rendered him undeserving of protection