International Trusts Order, 2000 · As enacted · Part III
17. Trust for sale of mortgaged property where right of redemption is barred
Official textFrom Attorney General's Chambers, unchanged
( 1)
Where any property vested in trustees by way of security becomes, by virtue of any law relating to the limitation of actions or of an order for foreclosure or otherwise, discharged from the right of redemption, it shall be held by them on trust for sale with full power of postonement.
property
"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
The net proceeds of sale after payment of costs a~d expenses shall be applied in like manner as the mortgage debt, if received, would have been applicable and the income of the property until sale shall be applied in like manner as the interest, if received, would have been applicable; but this subsection operates without prejudice to the rule of law relating to the apportionment of such proceeds between income and capital beneficiaries sometimes referred to as the rule in Re Atkinson.
mortgage
"mortgage" includes every kind of security for money charged on any kind of property and includes an agreement to mortgage; and
This section shall not affect the right of any person to require that instead of a sale the property shall be conveyed to him or in accordance with his directions.
person
"person" includes a natural person, any company or.association or body of persons, corporate or incorporated, including a partnership whether limited, unlimited or an international limited partnership created under the International Partnerships Order, 2000;
Power of trustees to give receipts.
Terms defined in s 2
mortgage
Defined · s 2"mortgage" includes every kind of security for money charged on any kind of property and includes an agreement to mortgage; and
person
Defined · s 2"person" includes a natural person, any company or.association or body of persons, corporate or incorporated, including a partnership whether limited, unlimited or an international limited partnership created under the International Partnerships Order, 2000;
property
Defined · s 2"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
trust
Defined · s 2"trust" means an international trust except where the context otherwise requires;
Part IV
Protections and Indemnities of Trustees
Part VI
Part VII
Powers of the Court
Part VIII
Authorised Purpose Trusts
Part IX
Part X
Additional Provisions
Part XI