Section 18Part 1 — Trusts Act
Trust for sale of mortgaged property where right of redemption is barred
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Where any property, vested in trustees by way of security, becomes, by virtue of the statutes of limitation, an order for foreclosure or otherwise, discharged from the right of redemption, it shall be held by them on trust for sale.
The net proceeds of sale, after payment of costs and expenses, shall be applied in like manner as the mortgage debt, if received, would have been applicable, and the income of the property until sale shall be applied in like manner as the interest, if received, would have been applicable; but this subsection operates without prejudice to any rule of law relating to the apportionment of capital and income between tenant for life and remainderman.
This section does not affect the right of any person to require that, instead of a sale, the property shall be conveyed to that person or in accordance with that person’s directions.