Conveyancing Act 1919 No 6
93 Right to redeem before time fixed for
(1) A mortgagor is entitled to redeem the mortgaged property although
the time appointed for redemption has not arrived; but in such case the
mortgagor shall pay to the mortgagee, in addition to any other moneys then
owing under the mortgage, interest on the principal sum secured thereby for
the unexpired portion of the term of the mortgage: Provided that redemption
under this subsection shall not prejudice the right of the mortgagee to any
collateral benefit, or to enforce any burden or restriction to the extent to
which the mortgagee would be entitled under the mortgage or otherwise if the
mortgage were paid off at the due date.
(2) For the purposes of this section moneys owing under
a mortgage includes all costs, charges, and expenses reasonably and
properly incurred by the mortgagee:
(a) for the protection and preservation of the mortgaged land or the
title thereto, or otherwise in accordance with the provisions of the mortgage,
(b) with a view to the realisation of the mortgagee’s
and in either case includes interest on the sums so expended after the
rate expressed in the mortgage.
(3) This section applies to mortgages made either before or after the
commencement of this Act, and shall have effect notwithstanding any
stipulation to the contrary.
(4) This section applies to mortgages under the Real Property Act