1241. Application of purchase money.

Where the conveyance1 will be effective to discharge the house2 and premises3 from a charge4 to secure the payment of money, it is the duty5 of the tenant6 to apply the price payable7 for the house and premises, in the first instance, in or towards the redemption of any such charge. If there is more than one charge, this must be done according to their priorities; if any amount so payable to the person entitled to the benefit of a charge is not so paid, nor paid into court8, then, for the amount in question, the house and premises