Commonwealth Numbered Acts

LANDS ACQUISITION ACT 1989 No. 15 of 1989 - SECT 62

62. (1) This section applies where:

   (a)  an interest in land is acquired from a person (in this section called
the "owner") by compulsory process; and

   (b)  immediately before the acquisition, the interest was subject to one or
        more mortgages.

(2) As a general rule, the compensation to which the owner is entitled in
respect of the acquisition shall be determined as if the interest had not been
subject to any mortgage.

(3) If compensation is payable under this Part to a mortgagee, the
compensation payable to the owner is reduced by so much of the compensation
payable to the mortgagee as represents the amount calculated according to
paragraph 65 (1) (a).

(4) If a mortgagee waives the right to compensation in respect of the
acquisition of a mortgage interest, the compensation to which the owner would
otherwise be entitled is increased by such amount as the owner should justly
receive as compensation in respect of interest upon the mortgage debt accruing
from the time of the acquisition, or in respect of any other liability to the
mortgagee.