Victorian Current Acts Victorian Current ActsS. 81(1) amended by No. 57/1989 s. 3(Sch. item 201.3).
(1) In addition to and concurrently with any rights and powers aforesaid a first mortgagee shall, until a discharge from the whole of the money secured or a transfer upon a sale or an order for foreclosure has been registered, have the same rights and remedies at law and in equity as he would have had if the legal estate in the mortgaged land had been vested in him as mortgagee with a right in the mortgagor of quiet enjoyment until default in payment of any principal or interest or a breach in the performance or observance of some covenant.
S. 81(2) amended by No. 18/1989 s. 12(Sch. 1 item 114).
(2) Nothing in this section shall affect or prejudice the rights or liabilities of any such mortgagee after an order for foreclosure has been recorded in the Register or shall, until the recording in the Register of such an order, render a first mortgagee of land leased under this Act liable for the payment of the rent reserved by or the performance or observance of any covenant under the lease.
(3) A mortgagor shall not, either before or after default or breach as aforesaid, commence in his own name any action for or in respect of any cause of action for which a first mortgagee may sue under the foregoing provisions of this section without obtaining the consent in writing of such mortgagee or his agent to such action, which consent may be obtained whether before or after the commencement of the action; and after the giving of such consent such mortgagee shall not be entitled to bring in his name any action in respect of such cause of action.
No. 5842 s. 82.