Obligation to transfer instead of re-conveying
95 Obligation to transfer instead of re-conveying
Where a mortgagor is entitled to redeem, then subject to compliance with the terms on compliance with which he would be entitled to require a re-conveyance or surrender, he shall be entitled to require the mortgagee, instead of re‑conveying or surrendering, to assign the mortgage debt and convey the mortgaged property to any third person, as the mortgagor directs; and the mortgagee shall be bound to assign and convey accordingly.
The rights conferred by this section shall belong to and shall be capable of being enforced by each incumbrancer, or by the mortgagor, notwithstanding any intermediate incumbrance; but a requisition of an incumbrancer shall prevail over a requisition of the mortgagor, and, as between incumbrancers, a requisition of a prior incumbrancer shall prevail over a requisition of a subsequent incumbrancer.
This section shall not apply in the case of a mortgagee being or having been in possession.
This section shall apply to mortgages made either before or after the commencement of this Act, and shall take effect notwithstanding any stipulation to the contrary.
No. 3754 s. 96.
S. 96 amended by No. 35/1996 s. 453(Sch. 1 item 68.2).
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