The Conveyancing and Law of Property Act - Ministry of Legal Affairs
The Conveyancing and Law of Property Act - Ministry of Legal Affairs
The Conveyancing and Law of Property Act - Ministry of Legal Affairs
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MINISTRY OF LEGAL AFFAIRS<br />
LAWS OF TRINIDAD AND TOBAGO<br />
www.legalaffairs.gov.tt<br />
44 Chap. 56:01 <strong>Conveyancing</strong> <strong>and</strong> <strong>Law</strong> <strong>of</strong> <strong>Property</strong><br />
Power to<br />
mortgagee to<br />
convey on sale.<br />
Application <strong>of</strong><br />
proceeds <strong>of</strong> sale.<br />
(b) some interest under the mortgage is in arrear <strong>and</strong><br />
unpaid for two months after becoming due; or<br />
(c) there has been a breach <strong>of</strong> some provision<br />
contained in the Mortgage Deed or in this <strong>Act</strong>,<br />
<strong>and</strong> on the part <strong>of</strong> the mortgagor, or <strong>of</strong> some<br />
person concurring in making the mortgage, to be<br />
observed or performed, other than <strong>and</strong> besides a<br />
covenant for payment <strong>of</strong> the mortgage money or<br />
interest thereon.<br />
42. (1) A mortgagee exercising the power <strong>of</strong> sale conferred<br />
by this <strong>Act</strong> shall have power, by Deed, to convey the property<br />
sold, for such estate <strong>and</strong> interest therein as is the subject <strong>of</strong> the<br />
mortgage, freed from all estates, interests, <strong>and</strong> rights to which the<br />
mortgage has priority, but subject to all estates, interests, <strong>and</strong> rights<br />
which have priority to the mortgage.<br />
(2) Where a conveyance is made in exercise <strong>of</strong> the power<br />
<strong>of</strong> sale conferred by this <strong>Act</strong>, the title <strong>of</strong> the purchaser shall not be<br />
impeachable on the ground—<br />
(a) that no case had arisen to authorise the sale; or<br />
(b) that due notice was not given; or<br />
(c) whether the mortgage was made before or after the<br />
commencement <strong>of</strong> this <strong>Act</strong>, that the power was<br />
otherwise improperly or irregularly exercised,<br />
<strong>and</strong> a purchaser is not, either before or on conveyance, concerned<br />
to see or enquire whether a case has arisen to authorise the sale, or<br />
due notice has been given, or the power is otherwise properly <strong>and</strong><br />
regularly exercised; but any person damnified by an unauthorised,<br />
or improper, or irregular exercise <strong>of</strong> the power shall have his remedy<br />
in damages against the person exercising the power.<br />
43. <strong>The</strong> money which is received by the mortgagee, arising<br />
from the sale, after discharge <strong>of</strong> prior encumbrances to which the<br />
sale is not made subject, if any, or after payment into Court under<br />
this <strong>Act</strong> <strong>of</strong> a sum to meet any prior encumbrance, shall be held by<br />
him in trust to be applied by him, first, in payment <strong>of</strong> all costs,<br />
UNOFFICIAL VERSION<br />
UPDATED TO DECEMBER 31ST 2011
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