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Restrictions on second mortgages. 32.(1) A building society shall not advance money on the security of any freehold or leasehold estate which is subject to a prior mortgage, other than a charge of a class specified in Schedule 5, unless the prior mortgage is in favour of the society. (2) If a building society makes an advance in contravention of this section, the directors of the society who authorised the advance shall be jointly and severally liable for any loss on the advance occasioned to the society. (3) Nothing in this section shall invalidate any mortgage which was authorised by section 13(2) of the Building Societies Act 1894 and effected by a building society before 1st October 1964.
© 1967 Crown Copyright
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