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Section 81 – Transfer of Property Act 1882

Transfer of Property Act 1882

 

81. Marshalling, securities.—

 

1[81. Marshalling, securities.—If the owner of two or more properties mortgages them to one person and then mortgages one or more of the properties to another person, the subsequent mortgagee is, in the absence of a contract to the contrary, entitled to have the prior mortgage-debt satisfied out of the property or properties not mortgaged to him, so far as the same will extend, but not so as to prejudice the rights of the prior mortgagee or of any other person who has for consideration acquired an interest in any of the properties.]

 

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1. Subs. by Act 20 of 1929, sec. 42, for the original section.

 

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Transfer of Property Act 1882

 

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