94Obligation on mortgagee to transfer instead of discharging

94 Obligation on mortgagee to transfer instead of discharging

94 Obligation on mortgagee to transfer instead of discharging

(1) Where a mortgagor is entitled to redeem the mortgagor shall by virtue of this Act have power to require the mortgagee instead of discharging, and on the terms on which the mortgagee would be bound to discharge, to transfer the mortgage to any third person as the mortgagor directs; and the mortgagee shall by virtue of this Act be bound to transfer accordingly.

(2) This section does not apply in the case of a mortgagee being or having been in possession.

(3) This section applies to mortgages made either before or after the commencement of this Act, and shall have effect notwithstanding any stipulation to the contrary.

(4) This section applies to mortgages under the Real Property Act 1900.