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Protection of minors and persons of unsound mind in respect of priority charges on registered land which are not permanent improvement charges.
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41.—(1) Where registered land is subject to a priority charge which is not a permanent improvement charge and an equitable claimant against such land is, at the date of registration of such priority charge, under the age of twenty-one years or of unsound mind, such equitable claimant shall be entitled at any time after such registration (but, in case he is under the age of twenty-one years at the time of such registration, not after he attains the age of twenty-five years) to obtain from the Circuit Court an order that the mortgagor do, by giving security, lodgment of money in Court or such other means as shall be approved of by the Court, give to such equitable claimant an indemnity which in the opinion of the Court adequately protects his equitable claim against the said priority charge and that in default of the mortgagor giving such indemnity within three months after the date of such order the said registered land be sold by the Court and the proceeds of such sale be applied according to law and that in any event the costs of such equitable claimant in relation to such order, the application therefor and all proceedings thereunder when taxed as between solicitor and client be paid by the mortgagor.
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(2) An indemnity given by a mortgagor in pursuance of an order under the foregoing subsection shall be enforceable, with the leave of the Circuit Court and in such manner as that Court shall direct, whenever the priority charge in respect of which such indemnity was given is enforced to the prejudice of the equitable claim for the protection of which such indemnity was given or in such other circumstances as in the opinion of the said Court render it just and equitable that such indemnity should be enforced.
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