Modifications etc. (not altering text)
C1Certain provisions of Part III applied by Agriculture (Miscellaneous Provisions) Act 1941 (c. 50), s. 8(4), Weeds Act 1959 (c. 54), s. 3(3) and Leasehold Reform Act 1967 (c. 88), s. 19(8)
(1)A deed executed by a mortgagee purporting to transfer his mortgage or the benefit thereof shall, unless a contrary intention is therein expressed, and subject to any provisions therein contained, operate to transfer to the transferee—
(a)the right to demand, sue for, recover, and give receipts for, the mortgage money or the unpaid part thereof, and the interest then due, if any, and thenceforth to become due thereon; and
(b)the benefit of all securities for the same, and the benefit of and the right to sue on all covenants with the mortgagee, and the right to exercise all powers of the mortgagee; and
(c)all the estate and interest in the mortgaged property then vested in the mortgagee subject to redemption or cesser, but as to such estate and interest subject to the right of redemption then subsisting.
(2)In this section “transferee” includes his personal representatives and assigns.
(3)A transfer of mortgage may be made in the form contained in the Third Schedule to this Act with such variations and additions, if any, as the circumstances may require.
(4)This section applies, whether the mortgage transferred was made before or after the commencement of this Act, but applies only to transfers made after the commencement of this Act.
(5)This section does not extend to a transfer of a bill of sale of chattels by way of security.