Other formats

    Adobe Portable Document Format file (facsimile images)   TEI XML file   ePub eBook file  


    mail icontwitter iconBlogspot iconrss icon

The Pamphlet Collection of Sir Robert Stout: Volume 7

XVI.—Power to Sell, Exchange, or Redeem Property in Mortgage

XVI.—Power to Sell, Exchange, or Redeem Property in Mortgage.

If any member shall sell any premises in mortgage to the

Transfer of Mortgaged Property and Release of Member.

Association, it shall be lawful, on payment by such member of all arrears then due from him to the Association, for the purchaser, on payment of a transfer fee in respect of each share, to take the same, chargeable with the debt due to the Association, and the purchaser shall thenceforth become answerable to the Association for the payment of the subscriptions, fines, and other payments as the same shall become payable, without prejudice to the liability of the original mortgagor for such payments; and the Trustees may, with the consent of the Board of Directors, and at the request and cost of such member, release him from all liability in respect of such share or shares.
If any member shall be desirous of having his property

Transfer of Mortgage from one Property to another.

discharged from a mortgage, it shall be Lawful for such member to transfer the mortgage to some other premises which the Board of Directors shall deem of adequate value, and upon having his share or shares, or so much as shall be then due in respect thereof, secured on such other premises, the Trustees for the time being shall, at the cost of the member requiring the same, release and convey the property for which such other premises shall be substituted, and make such endorsement on the mortgage as hereinafter mentioned.
If any member shall desire to redeem the property which

Redemption of Mortgaged Property.

he shall have mortgaged to the Association, he shall give notice thereof to the Manager, and the Board of Directors shall, within one month thereafter, inform such member the total amount due from him to the Association for principal, interest, and other payments; and upon payment thereof, the page 22 Trustees shall (subject as hereinafter mentioned) release such member from all liability, and deliver up to him all securities held by the Association; and the Trustees shall, at the cost of

Mode of Procedure.

such member, endorse a receipt or acknowledgment on such mortgage deed or security. But in case the Association shall hold from any member two or more mortgages, such member shall not have power to redeem or transfer any one property alone, without the consent and concurrence of the Board of Directors. The Board of Directors shall not be obliged to release any security without having the option of demanding three months' notice, or of receiving three monthly payments in advance.