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Statutory Mortgage

deed, unpaid, thereof and indenture

STATUTORY MORTGAGE. By the Con veyancing and Law of Property Act, 1881, a mortgage of freehold or leasehold land may be made by a deed expressed to be made by way of statutory mortgage in the following form, with such variations and additions, if any, as circumstances may require, and the provisions of Section 26 of the Act shall apply thereto : clue, 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 rest in the transferee, subject to redemption." In the above form, the same Section (s.s. 3) provides that there shall also be deemed to be included a covenant with the trans feree by the person expressed to join therein as covenantor to the effect following : " 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."

The following is the form of deed of statutory reconveyance of mortgage, given in the Act : This indenture made by way of statutory reconveyance of mortgage the clay of 1884, between C. of [etc.] of the one part and B. of [etc.] of the other part supple mental to an indenture made by way of statutory transfer of mortgage dated the day of 1883, and made between [etc.] \Vitnesseth that in consideration of all principal money and interest due under that indenture having been paid of which principal and interest C. hereby acknow ledges the receipt C. as mortgagee hereby conveys to B. all the lands and heredita ments now vested in C. under the said in denture To hold to and to the use of B. in fee simple discharged from all principal money and interest secured by and from all claims and demands under the said indenture.

In Witness, etc.

(See MORTGAGE.)