CONVEYANCING ACT 1881

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CONVEYANCING ACT 1881 - SECT 26



26.(1) A mortgage of freehold or leasehold land may be made by a deed
expressed to be made by way of statutory mortgage, being in the form given in
Part I of the Third Schedule to this Act, with such variations and additions,
if any, as circumstances may require, and the provisions of this section shall
apply thereto.

(2) There shall be deemed to be included, and there shall by virtue of
this Act be implied, in the mortgage deed

First, a covenant with the mortgagee by the person expressed therein to convey
as mortgagor to the effect following (namely):

That the mortgagor will, on the stated day, pay to the mortgagee the stated
mortgage money, with interest thereon in the meantime, at the stated rate, and
will thereafter, if and as long as the mortgage money or any part thereof
remains unpaid, pay to the mortgagee interest thereon, or on the unpaid part
thereof, at the stated rate, by equal half-yearly payments, the first thereof
to be made at the end of six calendar months from the date stated for payment
of the mortgage money:

Secondly, a proviso to the effect following (namely):

That if the mortgagor, on the stated day, pays to the mortgagee the stated
mortgage money, with interest thereon in the meantime, at the stated rate, the
mortgagee at any time thereafter, at the request and cost of the mortgagor,
shall re-convey the mortgaged property to the mortgagor, or as he shall
direct.

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Northern Irish Legislation

CONVEYANCING ACT 1881 - SECT 26