Mortgagee’s Duty.

Wairarapa Times-Age, 30 April 1938, Page 6

Mortgagee’s Duty.

A decision on the question of whether a mortgagee making application to the Registrar of the Supreme Court to conduct a sale of mortgaged property is required, under the provisions of the Land Transfer Act, 1915, to state as his estimate of the value of the property a sum representing its reasonable value, or whether he may state any sum he thinks fit, was given, by the Court of Appeal yesterday. Mr Justice Blair, who delivered the judgment of the court, said: “In our view the sum to be stated as the value at which the mortgagee estimates the land to be sold is such as the mortgagee thinks fit.” In December, 1937, the Chief Justice (Sir Michael Myers) made a declaratory order that the true construction of the section left the estimate in the discretion of the mortgagee. The Wellington City Corporation (Mr J. O’Shea and Mr J. R. Marshall) appealed to have the declaratory order set aside on the ground that it was erroneous in law. The appeal was opposed by the Government Insurance Commissioner (Mr R. E. Harding). Mr Justice Blair, Mr Justice Kennedy and Mr Justice Northcroft were on the bench.