Western Australian Current Acts Western Australian Current Acts (1) If mortgaged or
charged land is sold by the mortgagee or his transferees, the purchase money
arising from the sale shall be applied as follows —
(a)
firstly in payment of the expenses of and incidental to such sale and
consequent on such default;
(b)
secondly in payment of the moneys which may be due or owing on the mortgage;
(c)
thirdly in payment of subsequent mortgages and of any money which may be due
or owing in respect of any subsequent charge in the order of their respective
priorities,
and the surplus (if
any) shall be paid to the mortgagor.
(1A) However, if the
sale be made by a mortgagee or his transferees and there is a subsequent
charge the purchase moneys after there shall have been made thereout all
proper prior payments shall be deposited by him or them in the manner and
names and for purposes corresponding with those after mentioned.
(1B) If mortgaged or
charged land is sold by the annuitant or his transferees, the purchase money
arising from the sale shall be applied as follows —
(a)
firstly in payment of the expenses of and incidental to such sale and
consequent on such default;
(b) then
in payment of the moneys which may be due or owing to the annuitant or his
transferees,
and the residue shall
be deposited by him or them at interest in the Commonwealth Savings Bank or in
some other bank in Perth in the joint names of the annuitant or his
transferees and of the Registrar to satisfy the accruing payments of the
charge and subject thereto for the benefit of the parties who may be or become
entitled to the residue of the deposited money.
(2) This section does
not apply to the application of the proceeds of a sale by a mortgagee in
accordance with section 77 of the Land Administration Act 1997 .
[Section 109 amended: No. 17 of 1950 s. 26; No. 31
of 1997 s. 111; No. 19 of 2010 s. 51.]