Without prejudice to the right of a tenant for life or other person having only a limited interest in the equity of redemption to require a mortgage to be kept alive by transfer or otherwise, a mortgage term shall, when the money secured by the mortgage has been discharged, become a satisfied term and shall cease.
Section 116: Cesser of mortgage terms.
Law of Property Act 1925 · 1925 c. 20View on legislation.gov.uk
Part III: Mortgages, Rentcharges, and Powers of Attorney
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