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In This Volume

  • 14 If the mortgage form states that this mortgage secures a current or running account, the lender may, on one or more occasions, advance and readvance all or part of the principal amount and this mortgage
  • (a) will be security for payment of the principal amount as advanced and readvanced and for all other money payable to the lender under this mortgage,
  • (b) will not be considered to have been redeemed only because
    • (i) the advances and readvances made to the borrower have been repaid, or
    • (ii) the accounts of the borrower with the lender cease to be in debit, and
  • (c) remains effective security for further advances and readvances until the borrower has received a discharge of this mortgage.