New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 100

100 Foreclosure extinguishes right of action for debt, and equity of redemption

(1) On an order absolute for foreclosure the mortgagee or chargee shall be deemed to have taken the property mentioned in such order, in full satisfaction of the mortgage debt or amount secured by the charge, and the mortgagee or chargee's right or equity to bring any action or to take other proceedings for the recovery of the mortgage money or amount secured by the charge from the debtor, surety, or other person, shall be extinguished, and all collateral securities for the debt or amount secured by the charge which have not previously been enforced shall be released, and the right or equity of the mortgagor to redeem the said property shall also be extinguished.

(2) In the case of mortgages of or charges on land under the Real Property Act 1900 ,
"order absolute" includes an order for foreclosure under the hand of the Registrar-General when recorded in the Register kept under that Act.

(3) This section applies only to--

(a) foreclosures obtained after the commencement of this Act, and

(b) charges imposed under section 88F.

(4) This section shall have effect notwithstanding any stipulation to the contrary.