CONVEYANCING ACT 1881 - SECT 24 Appointment, powers, remuneration, and duties of receiver.

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CONVEYANCING ACT 1881 - SECT 24

Appointment, powers, remuneration, and duties of receiver.

24.(1) A mortgagee entitled to appoint a receiver under the power in that
behalf conferred by this Act shall not appoint a receiver until he has become
entitled to exercise the power of sale conferred by this Act, but may then, by
writing under his hand, appoint such person as he thinks fit to be receiver.

(2) The receiver shall be deemed to be the agent of the mortgagor; and the
mortgagor shall be solely responsible for the receiver's acts or defaults,
unless the mortgage deed otherwise provides.

(3) The receiver shall have power to demand and recover all the income of the
property of which he is appointed receiver, by action, distress, or otherwise,
in the name either of the mortgagor or of the mortgagee, to the full extent of
the estate or interest which the mortgagor could dispose of, and to give
effectual receipts, accordingly, for the same.

(4) A person paying money to the receiver shall not be concerned to inquire
whether any case has happened to authorize the receiver to act.

(5) The receiver may be removed, and a new receiver may be appointed, from
time to time by the mortgagee by writing under his hand.

(6) The receiver shall be entitled to retain out of any money received by him,
for his remuneration, and in satisfaction of all costs, charges, and expenses
incurred by him as receiver, a commission at such rate, not exceeding five per
centum on the gross amount of all money received, as is specified in his
appointment, and if no rate is so specified, then at the rate of five per
centum on that gross amount, or at such higher rate as the Court thinks fit to
allow, on application made by him for that purpose.

(7) The receiver shall, if so directed in writing by the mortgagee, insure and
keep insured against loss or damage by fire, out of money received by him, any
building, effects, or property comprised in the mortgage, whether affixed to
the freehold or not, being of an insurable nature.

(8) The receiver shall apply all money received by him as follows (namely):

(i)In discharge of all rents, taxes, rates, and outgoings whatever affecting
the mortgaged property; and

(ii)In keeping down all annual sums or other payments, and the interest on all
principal sums, having priority to the mortgage in right whereof he is
receiver; and

(iii)In payment of his commission, and of the premiums on fire, life, or other
insurances, if any, properly payable under the mortgage deed or under
this Act, and the cost of executing necessary or proper repairs directed in
writing by the mortgagee; and

(iv)In payment of the interest accruing due in respect of any principal money
due under the mortgage;

Form of statutoryy mortgage in schedule.

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Northern Irish Legislation

CONVEYANCING ACT 1881 - SECT 24