Queensland Consolidated Acts

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PROPERTY LAW ACT 1974 - SECT 99

Sale of mortgaged property in action for redemption or foreclosure

99 Sale of mortgaged property in action for redemption or foreclosure

(1) Any person entitled to redeem mortgaged property may have a judgment or order for sale instead of for redemption in an action brought by the person either for redemption alone, or for sale alone, or for sale or redemption in the alternative.
(2) In any action, whether for foreclosure, or for redemption, or for sale, or for the raising and payment in any manner of mortgage money, the court, on the request of the mortgagee, or of any person interested either in the mortgage money or in the right of redemption, and, even though—
(a) any other person dissents; or
(b) the mortgagee or any person so interested does not appear in the action;
and without allowing any time for redemption or for payment of any mortgaged money, may direct a sale of the mortgaged property, on such terms, subject to subsection (3) , as it thinks fit, including the deposit in court of a reasonable sum fixed by the court to meet the expenses of sale and to secure performance of the terms.
(3) In an action brought by a person interested in the right of redemption and seeking a sale, the court may, on the application of any defendant, direct the plaintiff to give such security for costs as the court thinks fit, and may give the conduct of the sale to any defendant, and may give such directions as it thinks fit respecting the costs of the defendants or any of them.
(4) In any case within this section the court may, if it thinks fit, direct a sale without previously determining the priorities of encumbrancees.
(5) This section applies to actions brought whether before or after the commencement of this Act.
(6) In this section—

"mortgaged property" includes the estate or interest which a mortgagee would have had power to convey if the statutory power of sale were applicable.
(7) For the purposes of this section the court may, in favour of a purchaser, make an order vesting the mortgaged property, or appoint a person to convey the property, subject or not to any encumbrance, as the court may think fit or, in the case of an equitable mortgage, may create and vest a legal estate in the mortgagee to enable the mortgagee to carry out the sale as if the mortgage had been made by deed or instrument by way of legal mortgage.



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