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Rights of persons having equitable interests against registered land subject to priority charges which are not permanent improvement charges.
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40.—(1) A priority charge on registered land which is not a permanent improvement charge on such land shall as between the mortgagor and equitable claimants (other than the mortgagor) against such land be deemed to be charged on all and every (if any) estate and interest in such land to which such mortgagor was at the date of the registration of such priority charge or becomes at any time thereafter beneficially entitled in indemnification of all equitable claims against such land by equitable claimants other than the mortgagor.
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(2) All moneys paid to the Corporation by, or out of the share, estate or interest of an equitable claimant (other than the mortgagor) on foot of a priority charge on registered land which is not a permanent improvement charge on such land shall be repaid to such equitable claimant by the mortgagor on demand with interest thereon at the rate of three per cent. per annum and until so repaid such moneys and the said interest thereon shall be a debt due by the mortgagor to such equitable claimant and shall be deemed to be charged in favour of such equitable claimant on all and every (if any) estate and interest to which, the mortgagor is beneficially entitled in such land or the proceeds of the sale thereof at the date of such payment to the Corporation.
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