Mortleman v Public Trustee - [1927] NZLR 642

Mortgage — Sale by Mortgagors of Equity of Redemption — Agreement between Mortgagee and Purchasers of Equity of Redemption increasing Principal Sum and Rate of Interest and extending Term of Mortgage — Consent by Original Mortgagors that Variation not to affect their Liability on Covenants under Mortgage as originally given — Proviso that Original Mortgagors not to be liable for Further Advance — Demand by Mortgagee for Payment by Original Mortgagors of Principal Sum originally advanced — Right of Original Mortgagors on Payment to Redemption with Priority for Moneys paid over Further Advance — No Right in Mortgagee upon Exercise of Power of Sale in Mortgage as varied to hold Original Mortgagors liable under Covenant for Payment of Principal and Interest under Original Mortgage in respect of any Deficiency — Land Transfer Act, 1915, s 104.