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Surplus monies after sale of land to be paid by mortgagee to next incumbrancer in priority
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High Court: (a) refuses an application that surplus monies held by a mortgagee following sale of land be paid to the borrower's solicitor, on the grounds that the relevant legislation provided that surplus monies should be paid to the next incumbrancer in priority; and (b) orders that the mortgagee pass the residue, following deduction of costs, to the next incumbrancer.
Special summons - claim for order that bank pay certain 'surplus monies' to the plaintiff's solicitors - property sold by bank as mortgagees in possession - sale price in excess of borrowings - property owned by two parties - entitlement to balance paid out to one co-owner - other judgment mortgages registered against plaintiff's interest in the property - whether judgment mortgages statute barred - section 21 (3) of the Conveyancing Act, 1881 - money held on trust - whether held for next incumbrancer in priority - where dispute over priority whether mortgagee holding funds should determine the matter.
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