1901_TRAMWAYS_ORDINANCE__1883 — Page 38

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420

Sum to be paid when mortgage exceeds value of lands.

Payment into Court of money when mortgagee fails to assign his interest, etc.

No. 2.] THE ORDINANCES OF HONGKONG: [A.D. 1883.

shall be lawful for the Company to pay into Court, in the manner provided by this Ordinance in like cases, the principal and (if the same can be ascertained) interest and costs, if any, due on such mortgage, and also, if such payment is made before the expiration of the notices aforesaid, such further interest (if the same can be ascertained) as would at such expiration become due; and it shall be lawful for the Company, if it thinks fit, to prepare a deed of conveyance, assignment, or assurance and release of such 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 thereupon, as well as on such assignment by the mortgagee, if any, being made, all the estate and interest of such mortgagee, and of all persons in trust for him or for whom he may be a trustee in such lands, shall vest in the Company, and the Company shall be entitled to immediate possession thereof in case such mortgagee was himself entitled to such possession.

108.-(1.) If any such mortgaged lands are of less value than the principal money, interest, and costs secured thereon, the value of such lands, or the compensation to be made by the Company 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 Company on the other part.

(2.) 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.

(3.) The amount of such value or compensation, being so agreed upon or determined, shall be paid or tendered by the Company to the mortgagee in satisfaction of his mortgage debt, so far as the same will extend, and on payment or tender thereof the mortgagee shall assign or release all his interest in such mortgaged lands to the Company or as it may direct.

109.-(1.) If, on such payment or tender as aforesaid being made, any such mortgagee fails so to assign his interest in such mortgage or 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, in the manner provided by this Ordinance in like cases, and every such payment 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.

(2.) It shall be lawful for the Company to prepare a deed of conveyance, assignment, or assurance and release of such 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 parties, if any, and thereupon the Registrar shall, on an order of the Court to be obtained upon petition in a summary way, execute the same; and thereupon the Company shall be entitled to immediate possession of such lands, as against the mortgagee or any person claiming under him, and the Company shall be entitled to such possession thereof; neither shall the mortgagee or any person claiming under him be entitled to claim any interest or compensation against the Company in respect of so much of his mortgage debt as shall have been satisfied by such payment of compensation.

110.-(1.) In case any mortgaged lands are of greater value than the principal money, interest, and costs secured thereon, and the Company is willing to purchase such lands, and the mortgagee is also willing to sell the same, the value of such lands or the compensation to be made by the Company in respect thereof or the purchase-money to be paid by the Company to the mortgagee and the party entitled to the equity of redemption thereof on the one part and the Company on the other part shall be settled by agreement.

(2.) 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.

(3.) The amount of such value or compensation, being so agreed upon or determined, shall be paid or tendered by the Company to the mortgagee in satisfaction of his mortgage debt, and thereupon the mortgagee shall assign or release all his interest in such mortgaged lands to the Company or as it may direct.

(4.) And upon such payment or tender being made, the Company shall be entitled to immediate possession of such lands, and the mortgagee shall not be entitled to claim any interest or compensation against the Company in respect of such mortgage debt.

111.-(1.) ...

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420 Sum to be paid when mortgage exceeds value of lands. Payment into Court of money when mortgagee fails to assign his interest, etc. No. 2.] THE ORDINANCES OF HONGKONG: [A.D. 1883. shall be lawful for the Company to pay into Court, in the manner provided by this Ordinance in like cases, the principal and (if the same can be ascertained) interest and costs, if any, due on such mortgage, and also, if such payment is made before the expiration of the notices aforesaid, such further interest (if the same can be ascertained) as would at such expiration become due; and it shall be lawful for the Company, if it thinks fit, to prepare a deed of conveyance, assignment, or assurance and release of such 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 thereupon, as well as on such assignment by the mortgagee, if any, being made, all the estate and interest of such mortgagee, and of all persons in trust for him or for whom he may be a trustee in such lands, shall vest in the Company, and the Company shall be entitled to immediate possession thereof in case such mortgagee was himself entitled to such possession. 108.-(1.) If any such mortgaged lands are of less value than the principal money, interest, and costs secured thereon, the value of such lands, or the compensation to be made by the Company 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 Company on the other part. (2.) 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. (3.) The amount of such value or compensation, being so agreed upon or determined, shall be paid or tendered by the Company to the mortgagee in satisfaction of his mortgage debt, so far as the same will extend, and on payment or tender thereof the mortgagee shall assign or release all his interest in such mortgaged lands to the Company or as it may direct. 109.-(1.) If, on such payment or tender as aforesaid being made, any such mortgagee fails so to assign his interest in such mortgage or 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, in the manner provided by this Ordinance in like cases, and every such payment 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. (2.) It shall be lawful for the Company to prepare a deed of conveyance, assignment, or assurance and release of such 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 parties, if any, and thereupon the Registrar shall, on an order of the Court to be obtained upon petition in a summary way, execute the same; and thereupon the Company shall be entitled to immediate possession of such lands, as against the mortgagee or any person claiming under him, and the Company shall be entitled to such possession thereof; neither shall the mortgagee or any person claiming under him be entitled to claim any interest or compensation against the Company in respect of so much of his mortgage debt as shall have been satisfied by such payment of compensation. 110.-(1.) In case any mortgaged lands are of greater value than the principal money, interest, and costs secured thereon, and the Company is willing to purchase such lands, and the mortgagee is also willing to sell the same, the value of such lands or the compensation to be made by the Company in respect thereof or the purchase-money to be paid by the Company to the mortgagee and the party entitled to the equity of redemption thereof on the one part and the Company on the other part shall be settled by agreement. (2.) 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. (3.) The amount of such value or compensation, being so agreed upon or determined, shall be paid or tendered by the Company to the mortgagee in satisfaction of his mortgage debt, and thereupon the mortgagee shall assign or release all his interest in such mortgaged lands to the Company or as it may direct. (4.) And upon such payment or tender being made, the Company shall be entitled to immediate possession of such lands, and the mortgagee shall not be entitled to claim any interest or compensation against the Company in respect of such mortgage debt. 111.-(1.) ...
Baseline (Original)
420 Sum to be paid when mortgage exceeds value of lands. Payment into Court of money when mortgagee fails to assign his interest, etc. No. 2.] THE ORDINANCES OF HONGKONG: [A.D. 1883. shall be lawful for the Company to pay into Court, in the manner provided by this Ordinance in like cases, the principal and (if the same can be ascer- tained) interest and costs, if any, due on such mortgage, and also, if such payment is made before the expiration of the notices aforesaid, such further interest (if the same can be ascertained) as would at such expiration be- come due ; and it shall be lawful for the Company, if it thinks fit, to prepare a deed of conveyance, assignment, or assurance and release of such mort- gaged 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 thereupon, as well as on such assignment by the mortgagee, if any, being made, all the estate and interest of such mortgagee, and of all persons in trust for him or for whom he may be a trustee in such lands, shall vest in the Company, and the Company shall be entitled to immediate possession thereof in case such mortgagee was himself entitled to such possession. 108.-(1.) If any such mortgaged lands are of less value than the principal money, interest, and costs secured thereon, the value of such lands, or the compensation to be made by the Company 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 Company on the other part. (2.) 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. (3.) The amount of such value or compensation, being so agreed upon or determined, shall be paid or tendered by the Company to the mort- gagee in satisfaction of his mortgage debt, so far as the same will extend, and on payment or tender thereof the mortgagee shall assign or release all his interest in such mortgaged lands to the Company or as it may direct. 109.-(1.) If, on such payment or tender as aforesaid being made, any such mortgagee fails so to assign his interest in such mortgage or 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, in the manner provided by this Ordinance in like cases, and every such payment shall be accepted by the mortgagee in satisfaction of his mort- gage debt, so far as the same will extend, and shall be a full discharge of such mortgaged lands from all money due thereon. * A.D. 1883 (2.) It sl deed of con gaged land: duly stamp half of the ties, and th obtained up lands, as to gagee or an the Compa such posses thereof; ne against the tion, other of so muchi payment of 110.-(1 for the pur value than lands, and. lands a spi willing to also the cc thereof or gagee and on the one (2.) If t such value cases of dis (3.) The or determin satisfaction thereupon s it may dire has been so (4.) An the deed e gagee; and required, b entitled to mortgage d 111.-(1
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420

Sum to be paid when mortgage

exceeds value

of lands.

Payment into Court of

money when

mortgagee fails to assign his

interest, etc.

No. 2.] THE ORDINANCES OF HONGKONG: [A.D. 1883.

shall be lawful for the Company to pay into Court, in the manner provided by this Ordinance in like cases, the principal and (if the same can be ascer- tained) interest and costs, if any, due on such mortgage, and also, if such payment is made before the expiration of the notices aforesaid, such further interest (if the same can be ascertained) as would at such expiration be- come due ; and it shall be lawful for the Company, if it thinks fit, to prepare a deed of conveyance, assignment, or assurance and release of such mort- gaged 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 thereupon, as well as on such assignment by the mortgagee, if any, being made, all the estate and interest of such mortgagee, and of all persons in trust for him or for whom he may be a trustee in such lands, shall vest in the Company, and the Company shall be entitled to immediate possession thereof in case such mortgagee was himself entitled to such possession.

108.-(1.) If any such mortgaged lands are of less value than the principal money, interest, and costs secured thereon, the value of such lands, or the compensation to be made by the Company 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 Company on the other part.

(2.) 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.

(3.) The amount of such value or compensation, being so agreed upon or determined, shall be paid or tendered by the Company to the mort- gagee in satisfaction of his mortgage debt, so far as the same will extend, and on payment or tender thereof the mortgagee shall assign or release all his interest in such mortgaged lands to the Company or as it may direct.

109.-(1.) If, on such payment or tender as aforesaid being made, any such mortgagee fails so to assign his interest in such mortgage or 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, in the manner provided by this Ordinance in like cases, and every such payment shall be accepted by the mortgagee in satisfaction of his mort- gage debt, so far as the same will extend, and shall be a full discharge of such mortgaged lands from all money due thereon.

*

A.D. 1883

(2.) It sl deed of con gaged land: duly stamp half of the ties, and th obtained up lands, as to gagee or an the Compa such posses thereof; ne

against the

tion, other

of so muchi payment of 110.-(1

for the pur value than lands, and. lands a spi willing to

also the cc thereof or gagee and on the one

(2.) If t such value cases of dis (3.) The or determin satisfaction thereupon s it may

dire

has been so

(4.) An

the deed e

gagee; and

required, b entitled to mortgage d

111.-(1

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