Queensland Consolidated Acts

PROPERTY LAW ACT 1974 - SECT 90

90 Mortgagee’s receipts discharges etc.

(1) The receipt in writing of a mortgagee shall be a sufficient discharge for any money arising under the power of sale conferred by this Act, or for any money or securities comprised in the mortgagee’s mortgage, or arising under the mortgage, and a person paying or transferring the same to the mortgagee shall not be concerned to inquire whether any money remains due under the mortgage or to see to the application of the money or securities so paid or transferred.

(2) Money received by a mortgagee under the mortgagee’s mortgage or from the proceeds of securities comprised in the mortgagee’s mortgage shall be applied in like manner as in this Act directed respecting money received by the mortgagee arising from a sale under the power of sale conferred by this Act, but with this variation, that the costs, charges, and expenses payable shall include the costs, charges, and expenses properly incurred of recovering and receiving the money or securities, and of conversion of securities into money, instead of those incident to sale.