12Protection of mortgagees and purchasers

12 Protection of mortgagees and purchasers

(1)  The receipt, in writing, of the trustees, or of the body corporate, or of any person or persons authorized by them or it, in writing, to receive the same, for the mortgage moneys raised on any property mortgaged by the body corporate, or for the purchase-money of any property sold under this Act, or for any other moneys payable to the trustees or the body corporate, shall exonerate the mortgagee, the purchaser, and any other person paying such moneys as aforesaid from seeing to the application of the same, and from all liability as to the misapplication or non-application thereof, and from inquiring into the propriety or necessity of any mortgage or sale, lease, or other dealing whatsoever.

(2)  This section shall be read in aid of, and not in derogation from, any other protection afforded to any such mortgagee, purchaser, or person by any other Act now or hereafter in force.