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Land Titles Act 1925
115Implied covenants with mortgagees
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115 Implied covenants with mortgagees
In any memorandum of mortgage and in any memorandum of transfer
of mortgage where there are more mortgagees or transferees than 1,
any implied covenant with them shall be deemed to be a covenant
with them jointly in equity as well as at law, unless the amount
secured is expressed to be secured to them in shares or distinct sums,
in which latter case the implied covenant with them shall be deemed
to be a covenant with each severally in respect of the share or distinct
sum secured to him or her.