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Rights of persons having equitable interests.
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3.—(1) A priority charge which is not a permanent improvement charge shall as between the mortgagor by whom such charge was given and equitable claimants (other than such mortgagor) against land affected by such charge be deemed to be charged on all and every (if any) estate and interest in such land to which such mortgagor was at the date of the registration of such charge or becomes at any time thereafter beneficially entitled in indemnification of all equitable claims against such land by equitable claimants other than such mortgagor.
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(2) All moneys paid to the Corporation by, or out of the share estate or interest of, an equitable claimant (other than the mortgagor) against registered land on foot of a priority charge which is not a permanent improvement charge on such land shall be repaid to such claimant by the mortgagor on demand with interest thereon at the rate of five per cent. per annum and until so repaid such moneys and the said interest thereon shall be a debt due by the mortgagor to such person and shall be deemed to be charged in favour of such person on all and every (if any) estate and interest to which the mortgagor is beneficially entitled in such land or the proceeds of the sale thereof at the date of such payment to the Corporation.
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