Western Australian Current Acts Western Australian Current Acts (1) On a decree,
judgment or order absolute for foreclosure, the mortgagee shall be deemed to
have taken the property mentioned in the decree, judgment or order in full
satisfaction of the mortgage debt and his right or equity to bring any action
or to take other proceedings for the recovery of the mortgage money from the
debtor, surety or other person is extinguished and the right or equity of the
mortgagor to redeem the property is also extinguished.
(2) In the case of
mortgages of land under the Transfer of Land Act 1893 order absolute includes
an order for foreclosure under the hand of the registrar when entered in the
Register within the meaning of that Act.
(3) Nothing in this
section shall be deemed to disentitle the mortgagee (on such terms and
conditions as to the Court seems just) from obtaining foreclosure of any other
property over which he holds security by way of mortgage for the mortgage
money or part thereof or from enforcing all or any rights, powers and remedies
expressed or implied in that mortgage except the right to sue the mortgagor or
any surety for the mortgagor either for the mortgage money or on any bill or
note given as security for the mortgage money as if this section had not
commenced.
(4) This section has
effect notwithstanding any stipulation to the contrary.
[Section 53 amended: No. 81 of 1996 s. 153(1).]