CONVEYANCING ACT 1881

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> CONVEYANCING ACT 1881

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CONVEYANCING ACT 1881 - SECT 19



19.(1) A mortgagee, where the mortgage is made by deed, shall, by virtue of
this Act, have the following powers, to the like extent as if they had been in
terms conferred by the mortgage deed, but not further (namely):

(i)A power, when the mortgage money has become due, to sell, or to concur with
any other person in selling, the mortgaged property, or any part thereof,
either subject to prior charges, or not, and either together or in lots, by
public auction or by private contract, subject to such conditions respecting
title, or evidence of title, or other matter, as he (the mortgagee) thinks
fit, with power to vary any contract for sale, and to buy in at an auction, or
to rescind any contract for sale, and to re-sell, without being answerable for
any loss occasioned thereby; and

(ii)A power, at any time after the date of the mortgage deed, to insure and
keep insured against loss or damage by fire any building, or any effects or
property of an insurable nature, whether affixed to the freehold or not, being
or forming part of the mortgaged property, and the premiums paid for any such
insurance shall be a charge on the mortgaged property, in addition to the
mortgage money, and with the same priority, and with interest at the same
rate, as the mortgage money; and

(iii)A power, when the mortgage money has become due, to appoint a receiver of
the income of the mortgaged property, or of any part thereof; and

(iv)A power, while the mortgagee is in possession, to cut and sell timber and
other trees ripe for cutting, and not planted or left standing for shelter or
ornament, or to contract for any such cutting and sale, to be completed within
any time not exceeding twelve months from the making of the contract.

(2) The provisions of this Act relating to the foregoing powers, comprised
either in this section, or in any subsequent section regulating the exercise
of those powers, may be varied or extended by the mortgage deed, and, as so
varied or extended, shall, as far as may be, operate in the like manner and
with all the like incidents, effects, and consequences, as if such variations
or extensions were contained in this Act.

(3) This section applies only if and as far as a contrary intention is not
expressed in the mortgage deed, and shall have effect subject to the terms of
the mortgage deed and to the provisions therein contained.

(4) This section applies only where the mortgage deed is executed after the
commencement of this Act.

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/ca1881141/s19.html

Northern Irish Legislation

CONVEYANCING ACT 1881 - SECT 19