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
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
MINISTRY OF LEGAL AFFAIRS<br />
LAWS OF TRINIDAD AND TOBAGO<br />
www.legalaffairs.gov.tt<br />
50 Chap. 56:01 <strong>Conveyancing</strong> <strong>and</strong> <strong>Law</strong> <strong>of</strong> <strong>Property</strong><br />
Form <strong>of</strong><br />
statutory<br />
mortgage.<br />
Second<br />
Schedule.<br />
Part I.<br />
Implied<br />
covenant.<br />
Implied proviso<br />
for redemption.<br />
application <strong>of</strong> any defendant, direct the plaintiff to give such<br />
security for costs as the Court thinks fit, <strong>and</strong> may give the conduct<br />
<strong>of</strong> the sale to any defendant, <strong>and</strong> may give such directions as it<br />
thinks fit respecting the costs <strong>of</strong> the defendants or any <strong>of</strong> them.<br />
(4) In any case within this section the Court may, if it<br />
thinks fit, direct a sale without previously determining the priorities<br />
<strong>of</strong> encumbrancers.<br />
(5) For the purposes <strong>of</strong> this section the Court may, in<br />
favour <strong>of</strong> a purchaser, make a vesting order conveying the<br />
mortgaged property, or appoint a person to do so, subject or not to<br />
any encumbrance, as the Court may think fit.<br />
PART IV<br />
STATUTORY MORTGAGES<br />
50. (1) A mortgage <strong>of</strong> freehold or leasehold l<strong>and</strong> may be made<br />
by a Deed expressed to be made by way <strong>of</strong> statutory mortgage,<br />
being in the form given in Part I <strong>of</strong> the Second Schedule hereto,<br />
with such variations <strong>and</strong> additions, if any, as circumstances may<br />
require; <strong>and</strong> the provisions <strong>of</strong> this section shall apply thereto.<br />
(2) <strong>The</strong>re shall be deemed to be included, <strong>and</strong> there shall<br />
by virtue <strong>of</strong> this <strong>Act</strong> be implied, in the Mortgage Deed—<br />
(A.) A covenant with the mortgagee by the person<br />
expressed therein to convey as mortgagor to the effect<br />
following, namely:<br />
That the mortgagor will, on the stated day, pay to<br />
the mortgagee the stated mortgage money, with<br />
interest thereon in the meantime, at the stated rate,<br />
<strong>and</strong> will thereafter, if <strong>and</strong> as long as the mortgage<br />
money or any part there<strong>of</strong> remains unpaid, pay to<br />
the mortgagee interest thereon, or on the unpaid part<br />
there<strong>of</strong>, at the stated rate, by equal quarterly<br />
payments, the first there<strong>of</strong> to be made at the end <strong>of</strong><br />
three calendar months from the day stated for<br />
payment <strong>of</strong> the mortgage money:<br />
(B.) A proviso to the effect following, namely:<br />
That if the mortgagor, on the stated day, pays to<br />
the mortgagee the stated mortgage money, with<br />
UNOFFICIAL VERSION<br />
UPDATED TO DECEMBER 31ST 2011
Change language