Charge merger permits filing Form 17 instead of Form 141 when the earlier charge is extinguished, subject to lender consent. Where an original mortgage charge is merged into a subsequent larger secured loan and the later agreement stipulates that the earlier charge is suspended or extinguished, the original charge ceases to subsist independently. In such cases the company may file Form No. 17 instead of Form No. 141, provided the lender has no objection to satisfaction of the prior instrument and to treating the new document as a fresh charge.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Charge merger permits filing Form 17 instead of Form 141 when the earlier charge is extinguished, subject to lender consent.
Where an original mortgage charge is merged into a subsequent larger secured loan and the later agreement stipulates that the earlier charge is suspended or extinguished, the original charge ceases to subsist independently. In such cases the company may file Form No. 17 instead of Form No. 141, provided the lender has no objection to satisfaction of the prior instrument and to treating the new document as a fresh charge.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
