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LAND LAW (IRELAND) ACT 1896 - SECT 26

Application of part of Act to annuities under 1869 c.42.

26.(1)The Land Commission, upon the application of any person liable to pay
interest on any simple mortgage under section fifty-two of the
Irish Church Act, 1869, may, if they think fit, by order convert that mortgage
into a mortgage to secure repayment of the principal of the mortgage debt then
outstanding, with interest at the rate of three and one-eighth per centum per
annum, by means of an annuity at the rate of four per centum per annum on the
said principal, payable by half-yearly payments on the days fixed for the
payment of the interest on the said mortgage, until the whole principal has
been repaid, and such order shall be binding upon all persons interested,
whether in the equity of redemption of such mortgage or otherwise.

(2) The foregoing provisions with respect to the calculation of a purchase
annuity may be applied by the Land Commission with the necessary
modifications, to the calculation of the instalments of an annuity by means of
which any mortgage debt is payable either under this section or otherwise
under section fifty-two of the Irish Church Act, 1869, and the Acts amending
the same.


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© 1896 Crown Copyright

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