Michael McDowell (Dublin South East, Progressive Democrats)

Subsection (1) of this section sets out the order in which a receiver of mortgaged property is required to apply income received in respect of the property. It is proposed to delete subsection (2), which would have given the mortgagee the power to vary the order of categories of payment and could have created a conflict with the receivership law as it gives too much flexibility to the mortgagee.