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CONVEYANCING ACT 1881 - SECT 5

5.(1) Where land subject to any incumbrance, whether immediately payable or
not, is sold by the Court, or out of Court, the Court may, if it thinks fit,
on the application of any party to the sale, direct or allow payment into
Court, in case of an annual sum charged on the land, or of a capital sum
charged on a determinable interest in the land, of such amount as, when
invested in Government securities, the Court considers will be sufficient, by
means of the dividends thereof, to keep down or otherwise provide for that
charge, and in any other case of capital money charged on the land, of the
amount sufficient to meet the incumbrance and any interest due thereon; but in
either case there shall also be paid into Court such additional amount as the
Court considers will be sufficient to meet the contingency of further costs,
expenses, and interest, and any other contingency, except depreciation of
investments, not exceeding one-tenth part of the original amount to be paid
in, unless the Court for special reason thinks fit to require a larger
additional amount.

(2) Thereupon, the Court may, if it thinks fit, and either after or without
any notice to the incumbrancer, as the Court thinks fit, declare the land to
be freed from the incumbrance, and make any order for conveyance, or vesting
order, proper for giving effect to the sale, and give directions for the
retention and investment of the money in Court.

(3) After notice served on the persons interested in or entitled to the money
or fund in Court, the Court may direct payment or transfer thereof to the
persons entitled to receive or give a discharge for the same, and generally
may give directions respecting the application or distribution of the capital
or income thereof.

(4) This section applies to sales not completed at the commencement of
this Act, and to sales thereafter made.

General words in conveyances of land, buildings, or manor.

© 1881 Crown Copyright

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