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CONVEYANCING ACT 1881 - SECT 21

Conveyance, receipt, &c. on sale.

21.(1) A mortgagee exercising the power of sale conferred by this Act shall
have power, by deed, to convey the property sold, for such estate and interest
therein as is the subject of the mortgage, freed from all estates, interests,
and rights to which the mortgage has priority, but subject to all estates,
interests, and rights which have priority to the mortgage; ....

(2) Where a conveyance is made in professed exercise of the power of sale
conferred by this Act, the title of the purchaser shall not be impeachable on
the ground that no case had arisen to authorise the sale, or that due notice
was not given, or that the power was otherwise improperly or irregularly
exercised; but any person damnified by an unauthorised, or improper, or
irregular exercise of the power shall have his remedy in damages against the
person exercising the power.

(3) The money which is received by the mortgagee, arising from the sale, after
discharge of prior incumbrances to which the sale is not made subject, if any,
or after payment into Court under this Act of a sum to meet any prior
incumbrance, shall be held by him in trust to be applied by him, first, in
payment of all costs, charges, and expenses, properly incurred by him, as
incident to the sale or any attempted sale, or otherwise; and secondly, in
discharge of the mortgage money, interest, and costs, and other money, if any,
due under the mortgage; and the residue of the money so received shall be paid
to the person entitled to the mortgaged property, or authorised to give
receipts for the proceeds of the sale thereof.

(4) The power of sale conferred by this Act may be exercised by any person for
the time being entitled to receive and give a discharge for the mortgage
money.

(5) The power of sale conferred by this Act shall not affect the right of
foreclosure.

(6) The mortgagee, his executors, administrators, or assigns, shall not be
answerable for any involuntary loss happening in or about the exercise or
execution of the power of sale conferred by this Act or of any trust connected
therewith [or of any power or provision contained in the mortgage deed].

(7) At any time after the power of sale conferred by this Act has become
exerciseable, the person entitled to exercise the same may demand and recover
from any person, other than a person having in the mortgaged property an
estate, interest, or right in priority to the mortgage, all the deeds and
documents relating to the property, or to the title thereto, which a purchaser
under the power of sale would be entitled to demand and recover from him.

© 1881 Crown Copyright

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