1988 Ed.]
Conveyancing and Property
[CAP. 219
25
(9) This section shall not apply to any mortgage executed before the commencement of this section.
Powers of mortgagee and receiver
51. (1) Unless the contrary intention is expressed, there shall be implied in any legal charge or equitable mortgage by deed, the powers, exercisable by the mortgagee, a receiver (acting personally or through their agents) and any person entitled to give a receipt for the mortgage money on its repayment, mentioned in the Fourth Schedule.
(2) Any power exercisable under a mortgage shall be subject to any prior estates, interests and rights to which the mortgaged land is subject.
(3) No power of sale shall empower a mortgagee or a receiver under an equitable mortgage, by virtue of that mortgage only, to assign the legal estate in the mortgaged land.
(4) The powers implied by subsection (1), and the provisions of the Fourth Schedule relating to the exercise of those powers may be varied or extended by the mortgage deed and, as so varied or extended, shall have effect as if contained in this Ordinance.
(5) This section shall not apply to any mortgage executed before the commencement of this section.
Protection of purchaser
52. Where a sale is made under a mortgage, the title of the purchaser shall not be affected by the fact that no case had arisen to authorize the sale or that due notice was not given or that the power was otherwise improperly or irregularly exercised; but any person who suffers loss through an unauthorized, improper or irregular exercise of the power of sale shall have a remedy in damages against the person exercising the power.
Sale by mortgagee
53. (1) Where a mortgagee or receiver sells under an express or statutory power of sale, the assignment shall operate (Amended, 31 of 1988, s. 18).
(a) to assign to the purchaser the mortgagor's estate in that land, subject to any other mortgage having priority to the mortgage under which the sale is made; and
(b) to discharge that land from the mortgage under which the sale is made
and any subsequent mortgage.
(2) Where a mortgagee obtains an order of foreclosure absolute, that order shall (unless it otherwise provides) operate—
(a) to assign to the mortgagee the mortgagor's estate in the mortgaged land, subject to any other mortgage having priority to the mortgage under which the foreclosure order was obtained; and
(b) to discharge that land from the mortgage under which the foreclosure
order was obtained and any subsequent mortgage.
[cf. U.K. 1925 c. 20, s. 89]
1
1988 Ed.]
Conveyancing and Property
[CAP. 219
25
(9) This section shall not apply to any mortgage executed before the commencement of this section.
Powers of mortgagee and receiver
51. (1) Unless the contrary intention is expressed, there shall be implied in any legal charge or equitable mortgage by deed, the powers, exercisable by the mortgagee, a receiver (acting personally or through their agents) and any person entitled to give a receipt for the mortgage money on its repayment, mentioned in the Fourth Schedule.
(2) Any power exercisable under a mortgage shall be subject to any prior estates, interests and rights to which the mortgaged land is subject.
(3) No power of sale shall empower a mortgagee or a receiver under an equitable mortgage, by virtue of that mortgage only, to assign the legal estate in the mortgaged land.
(4) The powers implied by subsection (1), and the provisions of the Fourth Schedule relating to the exercise of those powers may be varied or extended by the mortgage deed and, as so varied or extended, shall have effect as if contained in this Ordinance.
(5) This section shall not apply to any mortgage executed before the commencement of this section.
Protection of purchaser
52. Where a sale is made under a mortgage, the title of the purchaser shall not be affected by the fact that no case had arisen to authorize the sale or that due notice was not given or that the power was otherwise improperly or irregularly exercised; but any person who suffers loss through an unauthorized, improper or irregular exercise of the power of sale shall have a remedy in damages against the person exercising the power.
Sale by mortgagee
53. (1) Where a mortgagee or receiver sells under an express or statutory power of sale, the assignment shall operate (Amended, 31 of 1988, s. 18).
(a) to assign to the purchaser the mortgagor's estate in that land, subject to any other mortgage having priority to the mortgage under which the sale is made; and
(b) to discharge that land from the mortgage under which the sale is made
and any subsequent mortgage.
(2) Where a mortgagee obtains an order of foreclosure absolute, that order shall (unless it otherwise provides) operate—
(a) to assign to the mortgagee the mortgagor's estate in the mortgaged land, subject to any other mortgage having priority to the mortgage under which the foreclosure order was obtained; and
(b) to discharge that land from the mortgage under which the foreclosure
order was obtained and any subsequent mortgage.
[cf. U.K. 1925 c. 20, s. 89]
1
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