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Application of guarantee deposit in case of sale of holding for default.
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24. If the Land Commission, in the exercise of any power of sale of a holding, for default in payment of a purchase annuity, which they legally may exercise, have sold such holding, and the purchaser is the owner for the time being of the guarantee deposit relating to such holding, or entitled to the income thereof, the Land Commission may, at the request of such purchaser, and with the consent of such person or persons (if any) beneficially interested in the guarantee deposit, apply the guarantee deposit pro tanto in discharge of so much of the purchase money as is required to meet the amount of the annuity in default, and thereupon make an order declaring the purchaser’s interest in the holding to be charged with such sum in favour of the person or persons entitled to the capital of the guarantee deposit, but subject nevertheless to the future instalments of the purchase annuity.
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