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Court of money when mortgagee fails to assign his interest, etc.
Compensa-tion to be made in certain cases, if mortgage stipulated time.
No. 2.] THE ORDINANCES OF HONGKONG: [A.D. 1883.
amount of the value or compensation so agreed upon or determined, such mortgagee fails to assign or release to the Company, or as it may direct, his interest in the lands in respect of which such compensation has so been paid or tendered, or if he fails to adduce a good title thereto, to the satisfaction of the Company, or if he is absent from the Colony, whether temporarily or permanently, or in hiding, or cannot after diligent inquiry be found, it shall be lawful for the Company to pay the amount of such value or compensation into Court, and such payment shall be accepted by such mortgagee in satisfaction of his mortgage debt, so far as the same will extend, and shall be a full discharge of the portion of the mortgaged lands so required from all money due thereon.
(2.) It shall be lawful for the Company, if it thinks fit, to prepare a deed of conveyance, assignment, or assurance and release of such last-mentioned mortgaged lands to itself, and to tender such deed, after the same has been duly stamped as required by law, to the Registrar for execution on behalf of the mortgagee and other, if any, the assuring and releasing parties, and thereupon the Registrar shall, on an order of the Court to be obtained upon petition in a summary way, execute the same, and such lands shall become absolutely vested in the Company, as to all such estate and interest as were then vested in the mortgagee or any person in trust for him, and, in case such mortgagee was himself entitled to such possession, the Company shall be entitled to immediate possession thereof; nevertheless, every such mortgagee shall have the same powers and remedies for recovering or compelling payment of the mortgage money or the residue thereof, as the case may be, and the interest thereof respectively, on and out of the residue of such mort-gaged lands, or the portion thereof not required for the purposes of this Ordinance, as he would otherwise have had or been entitled to for recovering or compelling payment thereof on or out of the whole of the lands originally comprised in such mortgage.
112.-(1.) Provided always that, in any of the cases hereinbefore provided with respect to lands subject to mortgage, if in the mortgage deed a time has been limited for payment of the principal money there-paid off before by secured, and, under the provisions hereinbefore contained, the mort-gagee has been required to accept payment of his mortgage money, or of part thereof, at a time earlier than the time so limited, the Company shall pay to such mortgagee, in addition to the sum which has been so paid off, all such costs and expenses as may be incurred by such mort-gagee in respect of or which may be incidental to the re-investment of the sum so paid off, such costs in case of difference to be taxed, and payment thereof enforced, in the manner herein provided with respect to the costs of assignments.
A.D. 1883
(2.) If the time be obtained current rate entitled to interest hereto be sustai maturely paid
in case of c (8.) Until Company s of the mortgage
Provided to be dispe money and being made to possession contained.
113. If entitled to incumbrances tioned in the purposes of the release the lands required determined
114. I chief or other the purpos may be de charge and the other p ment, the st
in a summary ject is a su owner of the entitled to: dition or i subject to the
115.-(1
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