Land Law (Ireland) Act, 1896

Application of part of Act to annuities under 32 & 33 Vict. c. 42.

32 & 33 Vict. c. 42.

26.(1) The Land Commission, upon the application of any person liable to pay interest on any simple mortgage under section fifty-two of the Irish Church Act, 1869, may, if they think fit, by order convert that mortgage into a mortgage to secure repayment of the principal of the mortgage debt then outstanding, with interest at the rate of three and one-eighth per centum per annum, by means of an annuity at the rate of four per centum per annum on the said principal, payable by half-yearly payments on the days fixed for the payment of the interest on the said mortgage, until the whole principal has been repaid, and such order shall be binding upon all persons interested, whether in the equity of redemption of such mortgage or otherwise.

(2) The foregoing provisions with respect to the calculation of a purchase annuity may be applied by the Land Commission with the necessary modifications, to the calculation of the instalments of an annuity by means of which any mortgage debt is payable either under this section or otherwise under section fifty-two of the Irish Church Act, 1869, and the Acts amending the same.