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The Pamphlet Collection of Sir Robert Stout: Volume 7

XX. Power to Sell, Exchange, or Redeem Property in Mortgage

XX. Power to Sell, Exchange, or Redeem Property in Mortgage.

1. If any member shall sell any premises in mortgage to the

Transfer of mortgage property, and release of member.

Society, it shall be lawful, on payment by such member of all arrears then due from him to the Society, 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 Society, and the purchaser shall thenceforth become answerable to the Society for the payment of the subscriptions, fines, and other page 20 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.

Transfer of mortgage from one property to another.

2. If any member shall be desirous of having his property 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.

Redemption of mortgaged property.

3. If any member shall desire to redeem the property which he shall have mortgaged to the Society, he shall give notice thereof to the Manager, and the Board of Directors shall within one month thereafter, inform such member the total amount duo from him to the Society for principal, interest, and other payments; and upon payment thereof, the Trustees shall (subject as hereinafter mentioned) release such member from all liability, and deliver up to him all securities held by the Society; and the Trustees shall at the cost of such member endorse a receipt or acknowledgment on such mortgage deed

Mode of procedure.

or security. But in case the Society 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 payments for three months in advance.