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The Pamphlet Collection of Sir Robert Stout: Volume 88

Land on Deferred Payments

Land on Deferred Payments.

By an alteration of the law in the manner above indicated, together with a modification of the Land Transfer Act of 1871, a great relief would also be afforded to a permanent section of the community which is yearly becoming larger, namely, the selectors of land on deferred payments. Under a system of mortgage which does not operate as transfer, if the powers of ejectment and foreclosure are dispensed with, without damaging the security to the lender, conditional purchasers of land on deferred payments would be able to borrow money on the security of their improvements, an object which it is very desirable to attain.

Under the Land Transfer Act 1871, Receivers of Land Revenue are required to transmit a copy of every receipt for purchase money of waste lands to the District Land Registrar, to be bound together in a volume called the "Provisional Register Book;" in which book all transactions relating to such land are registered previous to the issue of the Crown grant for the same. A selector on deferred payments, who has paid his deposit, becomes, by virtue of this earnest money, a conditional purchaser entitled to claim his grant so soon as he shall have fulfilled the conditions of his license. He ought to be placed in a position to require that a duplicate of his occupation license, which manifests the reversionary interest of the Crown in his estate in case of breach of conditions, as well as his own interest in the land in his occupation, should be entered on the Provisional Register Book, so that his own estate in the land might be registered, as a security upon which, together with the improvements made upon the land, he could borrow money without difficulty. Assignments or transfers could be effectuated by memorial upon the license, and the procedure in such cases should be the same as is provided in the Act of 1871 for ordinary cases of transactions with respect to land previous to grant issued.

Special provisions have been made for borrowers from building societies, and it must be manifest that so numerous a section as selectors on deferred payments are entitled to some consideration, that will help them with more case to fulfil their conditions of occupation, and so the more certainly to become the prosperous and influential body of settlers they are destined to be in the future.