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TRUSTEE ACT 1925 - SECT 33
Sale after right of redemption barred
33 Sale after right of redemption barred
(1) Where any property is vested in a trustee by way of security, and the
property becomes discharged from the right of redemption, the trustee shall
hold the property on trust for sale, with power to postpone the sale for such
a period as the trustee may think proper.
(2) The net proceeds of sale, after
payment of costs and expenses, shall be applied in like manner as the mortgage
debt, if received, would have been applicable, and the income of the property
until sale shall be applied in like manner as the interest, if received, would
have been applicable.
(3) This section shall not affect any rule of law
relating to the apportionment of capital and income between tenant for life
and remainderman.
(4) This section shall not affect the right of any person
to require that, instead of a sale, the property shall be conveyed to the
person or in accordance with the person's directions.
(5) This section
applies whether the property is discharged from the right of redemption by
virtue of the statutes of limitation or of an order for foreclosure or
purchase of the equity of redemption or otherwise.
(6) This section extends
to securities by way of mortgage of land under the Real Property Act 1900 and
in relation thereto an order for foreclosure includes an order for foreclosure
under that Act.
(7) This section applies whether the property has become or
becomes discharged from the right of redemption before or after the
commencement of this Act.
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