The London Government Reorganisation (Non-Domestic Mortgages) Order 1988

Transfer of non-domestic mortgages

2.—(1) This article applies to any mortgage granted to the London Residuary Body or any predecessor in title of that Body by a person or body mentioned in column 1 of the Schedule and secured on land situated as described in column 2.

(2) All rights and liabilities of the London Residuary Body in respect of any mortgage to which this article applies, and all records of that body relating exclusively to any such rights or liabilities, shall vest in the transferee council, or, as the case may be, councils.

(3) The rights, liabilities and records in respect of the mortgage of land at Upper Ground and at Barge House Street, SE1, transferred by paragraph (2) above shall vest in the transferee councils jointly on such terms as may be agreed between them or, failing such agreement, determined by a person so agreed on or appointed in default of agreement by the Secretary of State.

(4) The transferee council, or, as the case may be, councils shall pay to the London Residuary Board a sum equal to the aggregate of all amounts outstanding by way of principal and interest in respect of any mortgage to which this article applies; and the sum in respect of the Coin street mortgage may be recovered from the transferee councils jointly or severally.

(5) Money received by the London Residuary Body in pursuance of this article shall not be treated, for the purposes of section 77 of the Act and of the Local Government Reorganisation (Capital Money) (Greater London) Order 1987(1), as capital money within the meaning of article 2(2) of that Order.

(1)

S.I. 1987/118.