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Equitable interests.
[1947, s. 40.]
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40.—(1) A priority charge on registered land which is not a permanent improvement charge on the land shall as between the mortgagor and equitable claimants (other than the mortgagor) 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 the registration of the priority charge or becomes at any time thereafter beneficially entitled in indemnification of all equitable claims against the land by equitable claimants other than the mortgagor.
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(2) Money paid to the Corporation by, or out of the share, estate or interest of, an equitable claimant (other than the mortgagor) on foot of a priority charge on registered land which is not a permanent improvement charge on the land shall be repaid to the equitable claimant by the mortgagor on demand with interest thereon at the rate applicable to the charge and until so repaid the money and interest thereon shall be a debt due by the mortgagor to the equitable claimant and shall be deemed to be charged in favour of the equitable 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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