SOIL AND LAND CONSERVATION ACT 1945 - SECT 37
SOIL AND LAND CONSERVATION ACT 1945 - SECT 37
37 . Right of mortgagee to add expense to mortgage
(1) If a person who is
liable to pay the Commissioner the amount of any expense incurred under
section 35 fails to pay that amount upon demand made by or on behalf of the
Commissioner, any mortgagee of the land in respect of which the expense was
incurred, may pay to the Commissioner the amount of that expense and thereupon
that amount is by operation of this section added to and forms part of the
principal sum secured by the mortgage of that mortgagee.
(2) If a mortgagee
incurs expense in complying with any obligations imposed on the mortgagee by a
soil conservation notice, the amount of that expense is by operation of this
section added to and forms part of the principal sum secured by the mortgage.
(3) Where the whole of
the principal sum secured by a mortgage is payable on a fixed date any amount
added to that sum by this section is payable on that date; and where a
principal sum is payable by instalments each instalment is by operation of
this section increased by such amount as the mortgagee determines so as to
spread the payment of the amount added over the outstanding term of the
mortgage.
(4) Where an amount is
added to a principal sum by this section that amount, by operation of this
section, bears interest at the same rate as that principal sum.
[Section 37 inserted: No. 32 of 1958 s. 8;
amended: No. 42 of 1982 s. 35; No. 19 of 2022 s. 17.]