Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) This section applies if default is made in a mortgage held by a trustee over land in Australia.
(2) Unless expressly prevented by the trust instrument, the trustee may, instead of foreclosing, buy the equity of redemption if the amount spent on the purchase—
(a) is subject to the same trusts as the mortgage debt; and
(b) is not more than 5% of the amount owing under the mortgage.