Power to raise money by mortgage
71 Power to raise money by mortgage
Where money is required for any of the following purposes, namely:
Discharging an incumbrance on the settled land or part thereof;
Paying for any improvement authorized by this Act or by the settlement;
Equality of exchange or partition;
Payment of the cost of any transaction authorized by this section or either of the last two preceding sections—
the tenant for life may with the consent of the trustees of the settlement or order of the Court raise the money so required, on the security of the settled land, or of any part thereof on mortgage of the settled land or of any part thereof by mortgage or otherwise and the money so raised shall be capital money for that purpose, and may be paid or applied accordingly.
Incumbrance in this section does not include any annual sum payable only during a life or lives or during a term of years absolute or determinable.
In relation to the question of giving such consent or making such order with respect to an improvement regard shall be had to the nature of the improvement and the consent or order may be given or made on condition that the whole or any part of the amount advanced shall be repaid within a fixed time as capital money to the trustees of the settlement out of the income of the settled land or on any other reasonable conditions, and the tenant for life shall give effect to the conditions so imposed and is by this section authorized to do all acts required for giving effect to such conditions.
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