CONVEYANCING ACT 1911 - SECT 9 Provisions respecting mortgaged property where the right of redemption is barred.

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CONVEYANCING ACT 1911 - SECT 9

Provisions respecting mortgaged property where the right of redemption is barred.

9.(1) Where any property, vested in trustees by way of security, becomes, by
virtue of the statutes of limitation, or of an order for foreclosure or
otherwise, discharged from the right of redemption, it shall be held by them
on trust for sale, with power to postpone such sale for such a period as they
may think proper.

(2) The net proceeds of sale, after payment of costs and expenses, shall be
applied in like manner as the mortgage debt, if received, would have been
applicable, and the income of the property until sale shall be applied in like
manner as the interest, if received, would have been applicable; but this
subsection shall operate without prejudice to any rule of law relating to the
apportionment of capital and income between tenant for life and remainderman.

(3) This section shall not affect the right of any person to require that,
instead of a sale, the property shall be conveyed to him or in accordance with
his directions.

(4) Where the mortgage money is capital money for the purposes of the Settled
Land Acts, 1882 to 1890, the trustees shall, if the tenant for life, or person
having the powers of a tenant for life, so requires, instead of selling any
land forming the whole or part of such property, make such conveyance or
execute such declaration of trust of the same as may be required for giving
effect to the directions contained in section twenty-four of the
Settled Land Act, 1882 (as amended by any subsequent enactment), and as if the
land had been acquired by purchase as mentioned in that section.

(5) This section applies to property the right of redemption whereof is
discharged before as well as after the commencement of this Act.

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Northern Irish Legislation

CONVEYANCING ACT 1911 - SECT 9