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COMMISSIONERS CLAUSES ACT 1847 - SECT 86

When payment of interest in arrear may be enforced by appointment of a receiver.

86. Where by the special Act the mortgagees or assignees in security of
the commissioners are empowered to enforce the payment of the arrears of
interest, or the arrears of principal and interest, due to them by the
appointment of a receiver, then, if within thirty days after the interest
accruing upon any such mortgage or assignation in security has become payable,
and after demand thereof in writing, the same be not paid, the mortgagee or
assignee in security may, without prejudice to his right to sue for the
interest so in arrear in any of the superior courts, require the appointment
of a receiver; by an application to be made as herein-after provided; and if
within six months after the principal money owing upon any such mortgage or
assignation in security has become payable, and after demand thereof in
writing, the same be not paid, together with all interest due in respect
thereof, the mortgagee or assignee in security, without prejudice to his right
to sue for such principal money, together with all arrears of interest, in any
of the superior courts, may, if his debt amount to the prescribed sum, alone,
or, if his debt do not amount to the prescribed sum, he may in conjunction
with other mortgagees or assignees in security whose debts, being so in
arrear, after demand as aforesaid, together with his amount to the prescribed
sum, require the appointment of a receiver, by an application to be made as
herein-after provided.

© 1847 Crown Copyright

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