LAND ACQUISITION AND COMPENSATION ACT 1986 - SECT 71 Deposit of money when refused on tender under section 70

LAND ACQUISITION AND COMPENSATION ACT 1986 - SECT 71

S. 71(1) amended by No. 46/1998

s. 7(Sch. 1).

    (1)     If a mortgagee fails—

        (a)     to convey the interest in the land under the mortgage to the Authority or as it directs pursuant to section 70; or

(b)     to adduce good title to that interest to the Authority's satisfaction—

the Authority may pay the amount of the value or compensation referred to in that section to the credit of the Trust Fund to be dealt with by the Minister administering Part 7 of the Financial Management Act 1994 in the manner provided in this Act.

    (2)     A payment made under subsection (1)—

        (a)     must be accepted by the mortgagee in satisfaction of the mortgage debt so far as that payment will extend; and

        (b)     is a full discharge of the mortgaged interest from all money due thereon.

    (3)     The Authority, if it thinks fit, may execute and register a deed poll in the manner provided in section 69(2) and (3).

    (4)     Upon the registration of the deed poll the interest of the mortgagee and of all persons in trust for the mortgagee or for whom the mortgagee may be trustee in the land comprised in the mortgage is vested in the Authority.

    (5)     Despite subsection (4) all rights and remedies possessed by the mortgagee against the mortgagor by virtue of any bond or covenant or other obligation, other than the right to the interest in land, remain in force in respect of so much of the mortgage debt as has not been satisfied by the payment under this section.