16
CurrentRetention of rights of mortgagees
16 Retention of rights of mortgagees
(1)
This clause applies if there is a mortgage over the lease of land to which a successful purchase application relates when the application is granted.
(2)
The mortgagee under the mortgage—
(a)
retains the rights, powers and remedies that are expressly or impliedly given to the mortgagee against the mortgagor by the mortgage, and
(b)
has, in respect of the land and to the extent that they are relevant, the same rights, powers and remedies as the mortgagee had in respect of the lease.
This Act’s bill:Explanatory memorandumSecond reading speech
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