Commonwealth Numbered Acts

LANDS ACQUISITION ACT 1989 No. 15 of 1989 - SECT 68

68. (1) This section applies where:

   (a)  a mortgage interest has been acquired from a mortgagee; and

   (b)  the mortgagee makes a claim for compensation in respect of the
        acquisition.

(2) To the extent of the compensation payable to the mortgagee in respect of
the acquisition, excluding amounts referred to in paragraph 65 (1) (b), the
acquisition shall, on the making of the claim, be taken to have discharged the
liability of the mortgagor under the mortgage as from the time of acquisition.

(3) On payment or tender of the compensation to the mortgagee, the mortgagee
shall, if so required by the mortgagor and at the expense of the mortgagor,
execute a discharge of the mortgage debt to the extent to which the mortgage
debt is taken, by subsection (2), to have been discharged.