355. Operation of statutory powers authorising surrender of lease.

355.     Operation of statutory powers authorising surrender of lease.

A contract to make or accept an authorised surrender of a lease of mortgaged land1 may be enforced by or against every person on whom the surrender, if completed, would be binding2.

The statutory powers of accepting surrenders3 do not authorise a surrender which could not have been accepted by the mortgagor4 with the concurrence of all the incumbrancers5 before 1 January 19126, but the mortgagor and mortgagee7 may by agreement in writing, whether or not contained in the mortgage8