§ Clause 23, page 14, line 36, after ("and,") insert ("either receives any sum in respect of the principal or interest of the mortgage debt or")
§ Clause 23, page 14, line 40, after the second ("the,") insert ("payment or").
§ THE LORD CHANCELLORMy Lords, the Amendments to this clause are to remedy a somewhat curious omission in the Bill as it left your Lordships' House. The object of the Amendments is to secure that where a mortgagee is in possession of mortgaged land and the Statute is running in his favour by virtue of Clause 12, any payment by the mortgagor, whether in respect of principal or interest, shall be treated as starting the Statute running afresh. As the clause was drafted originally, it was doubtful whether the receipt of such a payment would amount to an acknowledgment of the mortgagor's title or equity of redemption, and even if it were an acknowledgment there might be cases where there was no receipt in writing to fulfil the requirements of Clause 24 (1). It is clear, I think, that if a mortgagee receives a payment he ought to be treated as acknowledging the rights of the mortgagor to redeem the mortgage, being rights which are obviously appropriate to the case of payment to the same extent as they are appropriate in the case of acknowledgment. I beg to move that these two Amendments be agreed to.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(The Lord Chancellor.)
§ On Question, Motion agreed to.