MORTGAGES EXTENSION ACT.

Taranaki Daily News, 22 July 1919, Page 6

MORTGAGES EXTENSION ACT.

TIME OF EXPIRY, ■ The Mortgages Extension Act, passed early in the war by the New Zealand Legislature, has to expire by the terms of the Act within a period not exceeding six months after state of war has ceased to exist. As it has already been proclaimed that a state of war no longer exists between New Zealand and Germany, it I®ib become necessary to define exactly the time of expiry of the Act. B y Order-in-Council it has been deter--1 mined that the time shall be August 31, 1919. It is quite probable that if the session proves to 'be any sort of a business session, all these questions relating I 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; (c) To commence any action or proceeding 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 pre* ceeding for any rate of interest higher than the reduced rate (ijj any) provided in the mortgage*!® the case <t; punctual payment.