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LANDS CLAUSES CONSOLIDATION ACT 1845 - SECT 110

Sum to be paid when mortgage exceeds the value of the lands.

110. If any such mortgaged lands shall be of less value than the principal,
interest, and costs secured thereon, the value of such lands, or the
compensation to be made by the promoters of the undertaking in respect
thereof, shall be settled by agreement between the mortgagee of such lands and
the party entitled to the equity of redemption thereof on the one part, and
the promoters of the undertaking on the other part; and if the parties
aforesaid fail to agree respecting the amount of such value or compensation,
the same shall be determined as in other cases of disputed compensation; and
the amount of such value or compensation, being so agreed upon or determined,
shall be paid by the promoters of the undertaking to the mortgagee, in
satisfaction of his mortgage debt, so far as the same will extend; and upon
payment or tender thereof the mortgagee shall convey or release all his
interest in such mortgaged lands to the promoters of the undertaking, or as
they shall direct.

© 1845 Crown Copyright

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