Cancellation
12.—(1) A borrower’s liability to make repayments in respect of all loans shall be cancelled if—
(a)he dies; or
(b)he is a person to whom paragraph (2) applies.
(2) This paragraph applies to a borrower who is not in breach of any obligation in relation to any loan and—
(a)if he was aged less than forty when he last entered into an agreement for a loan, if he attains the age of fifty or if the loan for which he last entered into an agreement has been outstanding for not less than twenty five years (whichever event is the sooner); or
(b)if he was aged not less than forty when he last entered into an agreement for a loan, if he attains the age of sixty.