MORTGAGEE'S EXTENSION ACT.

Taranaki Daily News, Volume LVI, Issue 90, 11 September 1914, Page 2

MORTGAGEE'S EXTENSION ACT.

IS IT RETROSPECTIVE? < By cable. —Press Association, —Copyright Auckland Last Night. Tlift Mortgages Extension Act passed at tht) commencement of tnc present war to give mortgagors relief from tlio enforced 'repayment of principal during the war was cited in a ease heard by the Chief Justice at the Supreme Court to-day. Mr. iMcVeagh, in bringing up the Act as part of his dcieiiee to a cliim for repayment of principal under a mortgage, contended that it applied notwithstanding that the action was com r menced before it become law. The Act, said was intended to be interpreted in its '-•most bread and liberal sense at the present crisis. It was in'intended to ell'eet very seriously tho rights of a class of the community who, it was considered, could well afford such loss of rio.hU. Counsel citea siveral authorities jn support of his contention that the Act was re-trcspoctivs in its operation, and' further laid stress on tho clause directing that the Supreme Court should in every matter arising out of a mortgage have full power and jurisdiction to determine sudi matter as it deemed just, and equitable v.n'. der the circumstances, notwithstanding that express provision in that regard could not be found in "the Act. Mr. Sehnaiier, for the plaint'.., arjrW that an Act injuriously affecting the rights of any class of the community ought to be interpreted strictly, and further cited authorities against the view that tho Act was retrospective. His Honor reserved his depision, but ' stated that in the event of hi,* .finding against the mortgagor he would then be prepared to consider the effect of the, clause giving the Court power to decide according to what it considered to be just and equitable in the matter.