In re Dalton State Advances Corporation of New Zealand v Wolferstan - [1953] NZLR 167

Land Transfer — Mortgage — Limitation of Action — Sale by First Mortgagee — Surplus Moneys in Hand after Satisfying Mortgage — Property abandoned and No Payment by Mortgagor under Second Mortgage for Eighteen Years — Claim by Mortgagor to Surplus Sale Moneys — Limitation Act, 1950, Subject to provisions of Land Transfer Act, 1915 — Moneys held on Statutory Trust for Second Mortgagee — Land Transfer Act, 1915, ss 60, 108 (Land Transfer Act, 1952, ss 64, 104) — Limitation Act, 1950, ss 6 (2), 16 (2), 18, 20 (4)

Land Transfer — Mortgage — Mortgagor's Application to Court for Order of Discharge — Court's Discretion not Exercisable unless Balance of Equity in Mortgagor's Favour — Statutes Amendment Act, 1936, s 43 (Land Transfer Act, 1952, s 112).