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LIMITATION ACT 1969 - SECT 44
Adjustment of interest
44 Adjustment of interest
(1) In an action for redemption or otherwise in respect of a mortgage of
property including an action in respect of the proceeds of sale or other
realization of property subject to a mortgage-- (a) a mortgagor is not, as
against a mortgagee, to be required to pay or bear interest which could not,
by reason of a period of limitation fixed by or under this Act, be recovered
in an action by that mortgagee against that mortgagor brought on the date on
which the firstmentioned action is brought, and
(b) in adjusting the rights
of a mortgagor and a mortgagee the mortgagee is not to be entitled to the
interest mentioned in paragraph (a).
(2) Where-- (a) interest becomes due
under a mortgage, and
(b) a mortgagee-- (i) holds money on the date on which
the interest becomes due, or
(ii) after that date but before the expiration
of the limitation period fixed by or under this Act for an action on a cause
of action to recover that interest by that mortgagee against a mortgagor,
receives money, and
(c) before or after the bringing of an action to which
subsection (1) applies, that mortgagee or a person claiming through the
mortgagee properly applies that money in or towards satisfaction of that
interest,
subsection (1) does not, as against the person so applying that
money or a person claiming through the person, apply to that interest to the
extent to which it is so satisfied.
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