5(1)Where any property is discharged by [F1section 12B(5)(a)] from a charge (without the obligations secured by the charge being satisfied by the receipt of the whole or part of the consideration payable), the discharge of that property from the charge shall not prejudice any right or remedy for the enforcement of those obligations against other property comprised in the same or any other security, nor prejudice any personal liability as principal or otherwise of [F2the purchaser] or any other person.E+W
(2)Nothing in this Schedule shall be construed as preventing a person from joining in the instrument referred to in paragraph 2(1) for the purpose of discharging the property in question from any charge without payment or for a lesser payment than that to which he would otherwise be entitled; and, if he does so, the persons to whom the consideration payable ought to be paid shall be determined accordingly.
Textual Amendments
F1Words in Sch. 1 para. 5(1) substituted (1.10.1996) by 1996 c. 52, s. 92(1), Sch. 6 Pt. IV para. 11(2)(a); S.I. 1996/2212, art. 2(2) (with Sch.)
F2Words in Sch.1 para. 5(1) substituted (1.10.1996) by 1996 c. 52, s. 92(1), Sch. 6 PT. IV para. 11(2)(b); S.I. 1996/2212, art. 2(2) (with Sch.)