Section 70Part 5 — Dispositions
Right of redemption
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70. (1) Subject to this section, a chargor, on payment of all money due and owing under the charge at the time of payment or on fulfilment of any condition secured thereby and on payment of any costs or expenses properly incurred by the chargee in exercising any power conferred on him by section 72, may redeem the charged land, lease or charge at any time before it has been sold under section 75, and any agreement or provision which purports to deprive the chargor of this right of redemption shall be void; and, for the purposes of this subsection land, a lease or a charge shall be deemed to have been sold when a bid has been accepted at the auction sale.
If the chargor wishes to redeem the charged land, lease or charge before the date for repayment specified in the charge, he shall be entitled to do so on payment to the chargee, in addition to any other money then due or owing under the charge, of interest on the principal sum secured thereby for the unexpired portion of the term of the charge.
If the chargor seeks to redeem the charged land, lease or charge after the date specified in the charge or where no such date is specified, he shall give the chargee three months notice of his intention to redeem the charge or shall pay him three months’ interest in lieu thereof.
If at any time the chargor is entitled and desires to repay the money secured by the charge, and the chargee is absent or cannot be found, or the Registrar is Section 71 Registered Land Law Page 38 Revised as at 28th day of February, 2018 c satisfied that the charge cannot be discharged otherwise, the chargor may deposit the amount due with the Registrar in trust for the person entitled thereto, and thereupon the obligations of the chargor under the charge shall cease, and the Registrar shall cancel the registration of the charge and shall pay the amount deposited to the chargee if the chargee applies for it within six years of the date of deposit, and if the amount is not so paid it shall be paid into the Treasury and be appropriated to the general revenue of the Islands.