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Provisions As To Mortgages

Volume 155: debated on Wednesday 14 June 1922

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Existing freehold mortgages to take effect by way of demise.

1.—(1) All land vested in a first or only mortgagee for an estate in fee simple shall, from and after the commencement of this Act, vest in the first or only mortgagee for a term of three thousand years from such commencement, without impeachment of waste, but subject to a provision for censer corresponding to the right of redemption which, at such commencement, was subsisting with respect to the fee simple.

Amendment made: In paragraph 1 (1) after the word "simple" ["and estate in fee simple"] insert the words "whether legal or equitable."—( Sir L. Scott.)