21Powers incident to estate or interest of mortgagee

### 21 Powers incident to estate or interest of mortgagee > > (1)  *\[Section 21 Subsection (1) amended by 25 Geo. V No. 78, s. 3 \]*A mortgagee, where the mortgage is made by deed, shall, by virtue of this Act, have the following powers, to the like extent as if they had been in terms conferred by the mortgage deed, but not further, namely, a power: > > > > > > (a) When the mortgage money or any interest thereon has become due, to sell, or to concur with any other person in selling, the mortgaged property, or any part thereof, either subject to proper charges or not, and either together or in lots, by public auction or by private contract, subject to such conditions respecting title, or evidence of title, or other matter, as he (the mortgagee) thinks fit, with power to vary any contract for sale, and to buy in at an auction, or to rescind any contract for sale, and to resell, without being answerable for any loss occasioned thereby; > > > > > > > (b) At any time after the date of the mortgage deed, to insure and keep insured against loss or damage by fire any building, or any effects or property of an insurable nature, whether affixed to the freehold or not, being or forming part of the mortgaged property, in addition to the mortgage money, and with the same priority, and with interest at the same rate, as the mortgage money; > > > > > > > (c) When the mortgage money has become due, to appoint a receiver of the income of the mortgaged property, or any part thereof; and > > > > > > > (d) While the mortgagee is in possession, to cut and sell timber and other trees, not planted or left standing for shelter or ornament, or to contract for any such cutting and sale, to be completed within any time not exceeding 12 months from the making of the contract. > > > (2)  The provisions of this Act relating to the foregoing powers, comprised either in this section, or in any subsequent section regulating the exercise of those powers, may be varied or extended by the mortgage deed, and, as so varied or extended, shall, as far as may be, operate in the like manner and with all the like incidents, effects, and consequences, as if such variations or extensions were contained in this Act. > > > (3)  This section applies only if and as far as a contrary intention is not expressed in the mortgage deed, and shall have effect subject to the terms of the mortgage deed and to the provisions therein contained. > > > (4)  This section applies only where the mortgage deed is executed after the commencement of this Act.