Thomson v Commissioner of Inland Revenue - [1955] NZLR 69

Public Revenue — Death Duties — Mortgages at Date of Mortgagee's Death — Debts then Statute-barred but Mortgagee's Rights in Respect of Securities existing — Basis for Valuation of Such Mortgages — Interest Payments waived by Mortgagee not to be included in Amounts secured — Valuation of Mortgages Equivalent to Principal Sums thereby secured, less Discount assessed in Relation to Possibility of Application for Discharge of Principal Moneys and to Remote Possibility of Successthereof — Statutes Amendment Act, 1936, s 43 (Land Transfer Act, 1952, s 112).

Land Transfer — Discharge of Mortgage where Remedies Statute-barred — Onus on Applicant to make out Case to satisfy Court that Proper and Sufficient Grounds for Exercise of Discretion in His Favour — Statutes Amendment Act, 1936, s 43 (Land Transfer Act, 1952, s 112).