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Public Works Loans Act 1875
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28 Application of money arising on taking possession, sale, mortgage, &c. by [F1the Treasury].U.K.
Any money arising from the taking possession, lease, sale, mortgage, or other disposition under this Act by or under the direction of the [F2Treasury] of any mortgaged property shall be applied first in discharge of all costs, charges, and expenses incurred by or under the direction of [F3the Treasury] in respect thereof, or otherwise by reason of the default in payment, and secondly in discharge of the whole of the principal of the loan secured by the mortgage and for the time being unpaid (notwithstanding that the same or any instalment thereof may not have become actually due), and in discharge of all interest accrued due on such principal, and of all other sums (if any) due under the mortgage.
The surplus (if any) of such money either shall be paid to the mortgagor or other person or persons entitled thereto, or, if [F3the Treasury] think fit, shall be paid by the [F4Public Works Loans Secretary] into [F5the Chancery Division of the High Court] in England in like manner as if he were a trustee of such money for the persons entitled thereto, and the court may make such orders for the payment and distribution of such money to or among those persons as may from time to time seem to the court just.
Textual Amendments
F1Words in s. 28 heading substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 27(2) (with art. 9)
F2Word in s. 28 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 27(3) (with art. 9)
F3Words in s. 28 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 27(4) (with art. 9)
F4Words in s. 28 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 27(5) (with art. 9)
F5Words substituted by virtue of Supreme Court of Judicature (Consolidation) Act 1925 (c. 49), ss. 56(1)(a), 224(1)
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