MORTGAGORS' RELIEF
(Press. Assn.—
NJEW LEGISLATION SUSPENSION OF PERSONAL COVENANT IN MORTGAGES CASES OF HARDSHIP
-By Telegraph— Copyrlght).
WELLINGTON, Tuesday. , It is understood that the mortgagors relief legislatioii which is about to be introduced in the House of* Representatives by the Government will ihclu'de provision for suspending the operation of the personal- covenant uridertaking in view of complaints f hardship. in cases where mortgagors ai'e pressed by mortgagees in the present state of depression. It is a fairly common practice in framing mortg'ages to' include a clause providiqg that, if the s'ecurity of the loan fails to produce the full amount of advance in the event of a sale by mortgagee, tlie mortgagee may s'eek to recover the halance owing by forcirig the sale of other property belonging to the mortgagor, or by securing payment out of wages or other moneys coming to the mortgagor.
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19320316.2.42
Bibliographic details
Rotorua Morning Post, Volume 1, Issue 174, 16 March 1932, Page 5
Word Count
145MORTGAGORS' RELIEF Rotorua Morning Post, Volume 1, Issue 174, 16 March 1932, Page 5
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