PROPERTY LAW ACT 1958 - SECT 120 Effect of covenantor joining in deed of transfer

PROPERTY LAW ACT 1958 - SECT 120

If the deed of transfer is made in the Form (B), there shall also be deemed to be included, and there shall by virtue of this Part be implied therein, a covenant with the transferee by the person expressed to join therein as covenantor to the effect following, namely:

That the covenantor will, on the next of the days by the mortgage deed fixed for payment of interest pay to the transferee the stated mortgage money, or so much thereof as then remains unpaid, with interest thereon, or on the unpaid part thereof, in the meantime, at the rate stated in the mortgage deed; and will thereafter, as long as the mortgage money or any part thereof remains unpaid, pay to the transferee interest on that sum, or the unpaid part thereof, at the same rate, on the successive days by the mortgage deed fixed for payment of interest.

No. 3754 s. 121.