Schedule 2, paragraph 1(2)

In subsection (1), for the words “on trust for sale.” substitute in trust— to apply the income from the property in the same manner as interest paid on the mortgage debt would have been applicable; and if the property is sold, to apply the net proceeds of sale, after payment of costs and expenses, in the same manner as repayment of the mortgage debt would have been applicable.

← 1 · All articles · 3 →

Source: legislation.gov.uk · retrieved 2026-08-15