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Paragraph 4 Amendments to the Building Societies (Designation of Qualifying Bodies) Order 1992

Original text. Later amendments are not shown.

In paragraph 3 of Part II of the Schedule—

(a)

in sub-paragraph (1)—

(i)

there shall be substituted for the words “the borrower mortgages legal estate in land” the words “the borrower grants a mortgage of land”, and

(ii)

there shall be substituted for the words “in such land” the words “in such mortgage”, and

(b)

for sub-paragraph (2) there shall be substituted the following new sub-paragraph—

“(2)

For the purposes of sub-paragraph (1) above—

(a)

“a mortgage of land” means any of the following:

(i)

a mortgage of a legal estate in land;

(ii)

a mortgage of any title or interest in or over land which is situated outside England, Wales and Northern Ireland;

(iii)

a heritable security over land, and

(iv)

any form of security equivalent to a mortgage which acknowledges a debt, obliges the borrower to pay it and secures payment of that debt on land which is situated outside the United Kingdom, and

(b)

“beneficial and legal, or beneficial interest in such mortgage” shall, if the land is situated outside England, Wales and Northern Ireland, mean any title in such mortgage.”.