§
Clause 18, page 10, line 39, leave out subsection (3) and insert:
("(3) The right to receive any principal Sum of money secured by a mortgage or other charge and the right to foreclose on the property subject to the mortgage or charge shall not be deemed to accrue so long as that property comprises any future interest or any life insurance policy which has not matured or been determined.")
§ THE LORD CHANCELLORMy Lords, I move that we agree with the Commons in this Amendment. It requires a little explanation. Subsection (3) of Clause 18, when it left this House, was defective in that it only actually covered the case where the mortgage was on a single future interest. In a case where the mortgage comprises present interests as well, or two or more future interests which will fall in at different dates, it was not clear what the effect of subsection (3) of Clause 18 would be. Accordingly the present Amendment from the other place has this effect, that it will secure that the operation of the Statute is postponed until the last future interest falls into possession or, where the property comprises a life insurance policy or policies, the date when the last policy matures or is determined. With that explanation I beg to move.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(The Lord Chancellor.)
§ On Question, Motion agreed to.