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Rights of puisne claimants.
[1947, s. 44.]
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44.—(1) A priority charge on unregistered land which is not a permanent improvement charge against the land shall, as between the mortgagor and puisne claimants against the land, be deemed to be charged on all and every (if any) estate and interest in the land to which the mortgagor was at the date of registration of the priority charge or becomes at any time thereafter beneficially entitled in indemnification of all puisne claims against the land by puisne claimants.
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(2) Money paid to the Corporation by, or out of the share, estate or interest of, a puisne claimant (other than the mortgagor) against unregistered land on foot of a priority charge which is not a permanent improvement charge on the land shall be repaid to the puisne claimant by the mortgagor on demand with interest thereon at the rate applicable to the charge and until so repaid such money and the interest thereon shall be a debt due by the mortgagor to the puisne claimant and shall be deemed to be charged in favour of the puisne claimant on all and every (if any) estate and interest to which the mortgagor is beneficially entitled in the land or the proceeds of the sale thereof at the date of payment to the Corporation.
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