Present Procedure Described as Most Cumbersome at|*
Annual Meeting of Property Owners' Assn.
DETAILED analysis into the present difficulties with which mortgagees are faced under Chinese law and the amendments which should be aimed at, were mentioned by Mr. N. L. Sparke, Chairman of the Shanghai Property Owners' Association, on Thursday evening when addressing members at the ninth annual meeting of the Association held in the offices of the Shanghai Land Invest- fy ment Ca., Ltd., 100 Jinkee Road., In spite' of Mr. Sparke's remark opt in the ease of default at mature that now Was the time to discuss the tty. views any members had on property, What is required isi—ownership of land, ete, no comment (1) Cancellation of Yuan No, 499 with was raised after the formal business regard to final Judgment, of the sneering, which was the passing Provision for. mortgagee exerclsof the accounts, proposed by Mr. ug his rights against the property not Sparke, and seconded by Mr. R. nly on default at maturity, but also. default in payment of Interest or breach Master, and the election of the (oF "non-performance of any of his general committee for 1990. The fol-covenants in the mortgage deed during lowing gentlemen, proposed by Mr. the currency of the mortgage.
HM. Spence and seconded by Mr. a), Either "(a)" an amendment FA. Pollock, were duly elected:—Asticie 673 by giving a mortgagee the Tight "to sell) the property. either by Messrs. E, S, Barraclough, 7. ¥, Chen, auction or private contract without any Chollot, J.B. Biherington, "A.B order of the court on default in pay fat, C.F. King, ent of principal and/or interest at any time. and a provision. protecting. pur~ chasers who purchase from a mortgagee. Or (b) if (a) is not possible, then an Amendment of Artisie 373 to the effect that a mortgagee can apply to the court {or an order that he himself ts entitled te ace {to sell the property either by auction "At the conclusion of the meeting for private contract at any time on was Waa dan fault tu payment. of principal and/or Interest and' that no appeal from such order be allowed, Sas gen eae det cites a The present procedure where a judgment has been obtained from the court Is for the mortgagee to apply for execution to the Execution Court, adres of ata report and accounta the. chalzman sini ornis oer who can then order a sale by auction. The property ts put up for auer tion by the court itself at a valuation made by the court valuer, which need have no relation to the amount outstanding on the mortgage. If there are no bidders at the first auc~ tion it is put up again at a reduced valuation, and so on till it has been put up dor the fourth time, when, If there is no bidder, the mortgagee Jean be compelled to' take over, the property at the last price. This method is most cumbersome and wastes an enormous amount of time during which, unless the rents of thi property are suiflclent to keep down the interest and the mortgagee has obtained effective collection of the ser page eae wnnee Pa Seven mittee,
Text read from the printed page and cleaned; old type leaves the occasional error.