G.F. 323 0003230
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CONFIDENTIAL ##
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Payment to mortgagees.
26. (1) Subject to subsection (2) a mortgagee
of land which reverts to the Crown or vests in The
Colonial Treasurer Incorporated under this Ordinance
shall, in so far as he has priority as against any
other mortgagee, be entitled to be paid so much of any
compensation as is required to discharge his mortgage
debt including any interest thereon.
(2) If compensation is payable under this
Ordinance otherwise than for land resumed or if the .
land to which compensation relates is part only of the
mortgage security a mortgagee shall, in so far as
he has priority as against any other mortgagee, be
entitled to be paid so much of the compensation as is
necessary to reduce his mortgage debt to an amount which
is adequately secured by the land or the remaining land
as the case may be.
(3) The payment of compensation, as required by
subsections (1) and (2), shall be made in accordance
with the written agreement of the claimant and every
mortgagee of the land or failing such agreement in
accordance with an order of the Supreme Court under
subsection (4).
(4) The claimant or any mortgagee may apply to the
Supreme Court for an order as to the payment of unpaid
compensation and on any such application the Court may
make such order as it thinks just and equitable having
regard to the requirements of subsections (1) and (2).
CONFIDENTIAL
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