BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 31 Representations as to sufficiency of security.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 31

Representations as to sufficiency of security.

31.(1) The provisions of this section shall have effect where

(a)a building society makes an advance on the security of freehold or
leasehold estate, and

(b)a person to whom this section applies makes any representation that the
making of that advance by the society imports or implies an assurance to the
person to whom the advance is made that the estate is sufficient security for
the amount of the advance.

(2) This section applies to any person having a financial interest in the
disposition of the estate in question or in the erection of a building
thereon, and to any person who is the servant or agent of such a person.

(3) Where a person to whom this section applies makes such a representation as
is mentioned in subsection (1) in the circumstances therein mentioned, then
(without prejudice to any other remedy in respect of the representation) he
shall, unless he satisfies the court that he had reasonable grounds for
believing the representation to be true, be liable on summary conviction to a
fine not exceeding one hundred pounds or to imprisonment for a term not
exceeding three months, or to both.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 31