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Friday, 3 December 1965

Mr KILLEN (Moreton) .- I do not share the concern expressed by the honorable member for Cunningham (Mr. Connor) and the honorable member for Melbourne Ports (Mr. Crean). I would have thought it was fairly well established now, on common equitable principles, that a person who advances money under a mortgage arrangement is entitled to ensure that his advances are adequately protected. Whilst it is perfectly true that a person advancing money cannot clog the equity of redemption, he is entitled to adequate protection. That certainly applies to hotels. We have about ISO years of established precedent to disturb on this issue. A person who advances money under a brewery arrangement, for instance, is entitled to ensure that a particular product is sold. There is nothing very revolutionary about that.

Some of the other points which were mentioned by the honorable members for Cunningham and Melbourne Ports and which concerned the justification of some of the side issues, such as in respect of wines and spirits, become a little attenuated. I understand their concern. There could be scope for action in that respect. Nevertheless, I am sure that both of them will concede that a person who advances money under a mortgage arrangement is entitled to be assured that that money is adequately protected.

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