Section 116 Cesser of mortgage terms.
Without prejudice to the right of a tenant for life or other person having only a limited interest in the equity of redemption to require a mortgage to be kept alive by transfer or otherwise, a mortgage term shall, when the money secured by the mortgage has been discharged, become a satisfied term and shall cease.
Notes on Part III
Modifications
- C1
Certain provisions of Part III applied by Agriculture (Miscellaneous Provisions) Act 1941 (c. 50), s. 8(4), Weeds Act 1959 (c. 54), s. 3(3) and Leasehold Reform Act 1967 (c. 88), s. 19(8)