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Remuneration of solicitor who is mortgagee

Legal Profession Act 1966

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—(1) If a mortgage is made to a solicitor, either alone or jointly with any other person, the solicitor or the firm of which he or she is a member, or the law corporation of which he or she is a member, director or employee, or the limited liability law partnership of which he or she is a partner or employee, is entitled to recover from the mortgagor in respect of all business transacted and acts done in negotiating the loan, deducing and investigating the title to the property, and preparing and completing the mortgage, such usual costs as the solicitor, firm, law corporation or limited liability law partnership would have been entitled to receive if the mortgage had been made to a person who was not a solicitor and that person had retained and employed him, her or it to transact that business and do those acts.(2) If a mortgage has been made to, or has become vested by transfer or transmission in, a solicitor, either alone or jointly with any other person, and any business is transacted or acts are done by that solicitor, or by the firm of which he or she is a member, or by the law corporation of which he or she is a member, director or employee, or by the limited liability law partnership of which he or she is a partner or employee, in relation to that mortgage or the security thereby created or the property comprised thereunder, then the solicitor, firm, law corporation or limited liability law partnership is entitled to recover from the person on whose behalf the business was transacted or the acts were done, and to charge against the security, such usual costs as he, she or it would have been entitled to receive if the mortgage had been made to and had remained vested in a person who was not a solicitor and that person had retained and employed him, her or it to transact that business and do those acts.(3) In this section, “mortgage” includes any charge on any property for securing money or money’s worth.

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