Q&As

A money judgment has been obtained. A British Virgin Islands company owns a property which is about to be sold. The judgment debtor is putatively a shareholder of the company registered as proprietor. There is a restriction on the property. Can it be said that the client is therefore an incumbrancer for the purposes of section 105 of the Law of Property Act 1925?

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Produced in partnership with Christopher Snell of New Square Chambers
Published on LexisPSL on 14/02/2018

The following Property Q&A produced in partnership with Christopher Snell of New Square Chambers provides comprehensive and up to date legal information covering:

  • A money judgment has been obtained. A British Virgin Islands company owns a property which is about to be sold. The judgment debtor is putatively a shareholder of the company registered as proprietor. There is a restriction on the property. Can it be said that the client is therefore an incumbrancer for the purposes of section 105 of the Law of Property Act 1925?
  • Application of proceeds for sale

Application of proceeds for sale

Section 105 of the Law of Property Act 1925 (LPA 1925) provides thus:

‘Application of proceeds of sale

The money which is received by the mortgagee, arising from the sale, after discharge of prior incumbrances to which the sale is not made subject, if any, or after payment into court under this Act of a sum to meet any prior incumbrance, shall be held by him in trust to be applied by him, first, in payment of all costs, charges, and expenses properly incurred by him as incident to the sale or any attempted sale, or otherwise; and secondly, in discharge of the mortgage money, interest, and costs, and other money, if any, due under the mortgage; and the residue of the money so received shall be paid to the person entitled to

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