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LANDS CLAUSES CONSOLIDATION ACT 1845 - SECT 111

Deposit of such sum when refused on tender.

111. If upon such payment or tender as aforesaid being made any such mortgagee
fail so to convey his interest in such mortgage, or to adduce a good title
thereto to the satisfaction of the promoters of the undertaking, it shall be
lawful for them [to pay into the Supreme Court the amount of such value or
compensation; and the making of payment to the mortgagee or into the
Supreme Court] shall be accepted by the mortgagee in satisfaction of his
mortgage debt, so far as the same will extend, and shall be a full discharge
of such mortgaged lands from all money due thereon; and it shall be lawful for
the promoters of the undertaking, if they think fit, to execute a deed poll,
duly stamped, in the manner herein-before provided in the case of the purchase
of lands by them; and thereupon such lands, as to all such estate and interest
as were then vested in the mortgagee, or any person in trust for him, shall
become absolutely vested in the promoters of the undertaking, and they shall
be entitled to immediate possession thereof in case such mortgagee were
himself entitled to such possession; nevertheless all rights and remedies
possessed by the mortgagee against the mortgagor, by virtue of any bond or
covenant or other obligation, other than the right to such lands, shall remain
in force in respect of so much of the mortgage debt as shall not have been
satisfied [by payment to the mortgagee or into the Supreme Court].

© 1845 Crown Copyright

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