New South Wales Consolidated Acts
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REAL PROPERTY ACT 1900 - SECT 62
Order for, and effect of, foreclosure
62 Order for, and effect of, foreclosure
(1) Where an application is made in accordance with section 61 for an order
for foreclosure, the Registrar-General may-- (a) issue the order to the
applicant, or
(b) require the applicant to offer the land mortgaged or
charged for sale and to do so in accordance with the directions of the
Registrar-General.
(2) If the applicant is required to offer the land for
sale and it is not sold or an insufficient amount is realised by the sale to
satisfy the principal sum and interest due, and all expenses occasioned by the
sale, the Registrar-General may issue to the applicant an order for
foreclosure.
(3) Every order for foreclosure issued by the Registrar-General
and recorded in the Register has the effect of vesting in the mortgagee or
covenant chargee who applied for it all the estate and interest of the
mortgagor or covenant charger in the land mentioned in the order-- (a) in
every case, free from any right of a mortgagee, chargee or covenant chargee
under a registered mortgage, charge or covenant charge which has less priority
than that of the applicant, and
(b) in the case of mortgaged land, free from
any right and equity of redemption of the mortgagor or any person claiming
through or under the mortgagor.
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