TRANSFER OF LAND ACT 1893 - SECT 118

TRANSFER OF LAND ACT 1893 - SECT 118

118 .         Application of money obtained by mortgagor in action for waste of or damage to mortgaged lands

                Any sum of money which shall become payable to the mortgagor or his transferee under any decree or order in any action by him in the Supreme Court for or on account of any waste or damage of or to the land mortgaged shall be paid to the mortgagee or his transferee in reduction or satisfaction of the money secured; and if he shall not be willing to receive the same or shall thereby be fully paid off the same or the balance shall be paid to any subsequent mortgagee or his transferee according to priority in like reduction or satisfaction; and if no mortgagee or his transferee shall be willing or be entitled to receive the same then to the mortgagor or his transferee for his own benefit.