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Corporations, and persons under legal disability or having limited estates, &c, may, under sanction of Court, charge the lands improved to secure loans, and give priority to such charges.
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7. [Recital.] It shall and may be lawful for any corporation, lay, or ecclesiastical, sole or aggregate, and for the husbands, trustees, committees, or attornies of or for the owners or proprietors of, or for any company or companies, or the directors thereof for the time being, interested in, any part or parts of any such lands in or for or in aid of the drainage, embankment, reclaiming, or other permanent improvement of which any such loan or advance shall be agreed to be made by the said commissioners of public works, in pursuance of the said last-recited Act, or the other Acts amending the same, and this Act, being under coverture, minors, lunatics, or beyond the seas, or otherwise incapable of acting for themselves, and to and for every of them for the time being, and to and for the owners and proprietors of all such lands, being tenants in tail or for life, or tenants in tail after possibility of issue extinct, or tenants by the courtesy or in dower, and for persons whose estates are encumbered as herein-after mentioned, and to and for every of them respectively for the time being, by and with the sanction and approbation of the High Court of Chancery, to be obtained in manner aforesaid, by indenture or indentures under their respective hands and seals, from time to time, and to which indenture or indentures one of the said commissioners shall be an executing party, and before obtaining any advance on account of such loan from the said commissioners, subject to such restrictions and conditions as are herein-after provided, to charge the said lands with any sum or sums of money which the said commissioners shall advance in or for or in aid of any such drainage, embankment, reclaiming, or other permanent improvement thereof as aforesaid; and for securing the repayment by instalments of such sum or sums of money which the said commissioners shall so advance, with interest from the date of the advance thereof, with the approbation of the Court of Chancery, to be obtained in manner aforesaid, to grant, mortgage, lease, or demise, or otherwise subject the said lands unto the said commissioners of public works, or to the secretary of the said commissioners, in trust for them, either in fee or for any term of years, so as every such grant, mortgage, lease, or demise be made with a proviso or condition to cease and be void, or under an express trust to be surrendered, in case and so soon as the sum or sums of money thereby to be secured, with the interest for the same, shall be fully paid and satisfied at the time or times to’ be appointed in that behalf, and also with a covenant to pay the instalments as they shall become due, and to pay and keep down the interest in the meanwhile; and in the case of every such grant, mortgage, lease, or demise such person or persons or bodies as aforesaid, as the case may be, and every succeeding tenant for life, or other person or persons having only a limited interest in the lands charged, shall be bound to pay the instalments of principal and the interest which shall become from time to time due and payable during the continuance of his, her, or their title in or to the said lands; but nevertheless, on the termination of such title, by death or otherwise, the estate in remainder or reversion in such lands, or the inheritance thereof, shall remain chargeable with all instalments, and interest and arrears thereof, then due or thereafter to become due; and every such charge, grant, mortgage, lease, or demise as aforesaid shall be good, valid, and effectual in the law for the purposes hereby intended, and shall take priority of all charges, and incumbrances whatsoever and whensoever made: Provided always, that it shall be lawful for any person or persons liable to repay any loans and interest by instalments under any of the provisions aforesaid to repay the same in one sum, or in a shorter time than that in which the same shall be made repayable under the provisions aforesaid.
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