On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 15/03/1994.
PART V
STATUTORY MORTGAGE
31.
—(1) A mortgage of land may be made by a deed expressed to be made by way of statutory mortgage, being in the form given in Part I of the Schedule, with such variations and additions, if any, as circumstances may require, and this section shall apply thereto.
(2) There shall be deemed to be included, and there shall by virtue of this Act be implied, in the mortgage deed, in addition to all other covenants, powers and provisions implied by virtue of this Act —
(a)
a covenant with the mortgagee by the mortgagor —
that the mortgagor will, on the stated day, pay to the mortgagee the stated mortgage money, and will in the mean time and thereafter, if and as long as the mortgage money or any part thereof remains unpaid, pay to the mortgagee interest thereon, or on the unpaid part thereof, at the stated rate, by equal monthly payments, the first thereof to be made at the end of one calendar month from the day of the date of the mortgage; and
(b)
a proviso —
that if the mortgagor, on the stated day, pays to the mortgagee the stated mortgage money, and has duly paid the interest thereon in the meantime at the stated rate, the mortgagee shall at any time thereafter, at the request and cost of the mortgagor, reconvey the mortgaged property to the mortgagor, or as he shall direct.
32.
—(1) A transfer of a statutory mortgage may be made by a deed expressed to be made by way of a statutory transfer of mortgage, being in such one of the 3 Forms A, B and C in Part II of the Schedule as may be appropriate to the case, with such variations and additions, if any, as circumstances may require, and this section shall apply thereto.
(2) In whichever of these Forms the deed of transfer is made, it shall have effect as follows:
(a)
there shall become vested in the person to whom the benefit of the mortgage is expressed to be transferred, who, with his executors, administrators and assigns, is hereafter in this section designated the transferee, the right to demand, sue for, recover and give receipts for the mortgage money, or the unpaid part thereof, and the interest then due (if any) and thenceforth to become due, thereon, and the benefit of all securities for the same, and the benefit of and the right to sue on all covenants with the mortgagee, and the right to exercise all powers of the mortgagee;
(b)
all the estate and interest, subject to redemption, of the mortgagee in the mortgaged land shall vest in the transferee, subject to redemption.
(3) If the deed of transfer is made in the Form B in Part II of the Schedule, there shall also be deemed to be included, and there shall be implied therein, a covenant with the transferee by the person expressed to join therein as covenantor —
that the covenantor will, on the next of the days by the mortgage deed fixed for payment of interest, pay to the transferee the stated mortgage money, or so much thereof as then remains unpaid, with interest thereon, or on the unpaid part thereof, in the meantime, at the rate stated in the mortgage deed; and will thereafter, as long as the mortgage money, or any part thereof, remains unpaid, pay to the transferee interest on that sum, or the unpaid part thereof, at the same rate on the successive days by the mortgage deed fixed for payment of interest.
(4) If the deed of transfer is made in the Form C in Part II of the Schedule, it shall operate not only as a statutory transfer of mortgage, but also as a statutory mortgage, and this section shall have effect in relation thereto accordingly; but it shall not be liable to any increased stamp duty by reason only of its being designated a mortgage.
33. In a deed of statutory mortgage, or of statutory transfer of mortgage, where more persons than one are expressed to convey as mortgagors, or to join as covenantors, the implied covenant on their part shall be deemed to be a joint and several covenant by them; and where there are more mortgagees or more transferees than one, the implied covenant with them shall be deemed to be a covenant with them jointly, unless the amount secured is expressed to be secured to them in shares or distinct sums, in which latter case the implied covenant with them shall be deemed to be a covenant with each severally with respect to the share or distinct sum secured to him.