What the section covers
It applies when principal or interest under a mortgage is not payable until more than five years after the date of the mortgage.
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What it allows
After those five years, a person liable or entitled to pay can tender the principal and interest due, together with three months further interest in lieu of notice. After that payment, no further interest can be charged.
Who is excluded
Mortgages given by a joint stock company or other corporation, and certain prescribed mortgages, are outside the rule.
What it does not cover
Terms of five years or less are not reached by the section. For those, the prepayment terms in your contract apply.