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In default of repayment of any advance or interest secured by mortgage, &c. commissioners may take possession of mortgaged property and raise amount in arrear by sale or mortgage, &c.
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45. If default shall be made in the repayment of all or any part of any loan or advance, or of the interest on such loan or advance, which shall be secured to the commissioners for the execution of this Act, in part or in the whole, by any mortgage, assignment, or other assurance of or on any interest, property, or effects whatsoever (real, chattel, or personal), it shall and may be lawful for the said commissioners, or such person or persons as shall be nominated and authorized in manner aforesaid by any two or more of them, without any other process or writ, to enter upon and to take possession of all or any parts or part of such mortgaged or assigned interest, property, or effects, and by sale or mortgage of the same, or a competent part thereof, to raise and levy such sum or sums of money as shall be sufficient to repay all monies due and in arrear upon or in respect of such loan or advance, and the interest thereof, and all costs as between attorney and client, and other charges whatever attending such proceedings; and the monies so recovered (the costs and charges aforesaid excepted) shall be paid and applied in and towards the reimbursement and satisfaction of the sum due upon and in arrear in respect of such loan or advance or interest, in like manner as the sums of money to be recovered by suit or course of law under the proceedings authorized by this Act in default of payment are directed to be paid and applied; and the receipt of such person or persons as the said commissioners shall nominate and appoint as aforesaid shall alone be a full and sufficient discharge to all and every person and persons whatsoever, and by whatever title claiming or howsoever entitled or deriving, for any money or monies advanced on mortgage, or for the purchase money or purchase monies of the respective interest, property, or effects so mortgaged or sold; and such mortgagee or purchaser, or mortgagees or purchasers, or other person or persons, shall not be bound to see the application thereof, nor shall be liable or in any manner accountable for the misapplication or nonapplication of such money or monies by the person or persons appointed by the said commissioners as aforesaid, or any of them.
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