New South Wales Consolidated Acts
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CONVEYANCING ACT 1919 - SECT 66
Provision by court for incumbrances and sale freed therefrom
(1) Where land subject to any incumbrance, whether immediately payable or not,
is sold by the Court or out of court, the Court may, on the application of any
party to the sale, direct or allow payment into court, in case of an annual
sum charged on the land, or of a capital sum charged on a determinable
interest in the land, of such amount as, when invested in Government
securities, the Court considers will be sufficient, by means of the dividends
thereof, to keep down or otherwise provide for that charge, and in any other
case of capital money charged on the land, of the amount sufficient to meet
the incumbrance and any interest due thereon; but in either case there shall
also be paid into court such additional amount as the Court considers will be
sufficient to meet the contingency of further costs, expenses, and interest,
and any other contingency, except depreciation of investments, not exceeding
one-tenth part of the original amount to be paid in, unless the Court for
special reason thinks fit to require a larger additional amount.
(2)
Thereupon the Court may, either after or without any notice to the
incumbrancee as the Court thinks fit, declare the land to be freed from the
incumbrance, and make any order for conveyance or vesting order proper for
giving effect to the sale, and give directions for the retention and
investment of the money in court.
(3) After notice served on the persons
interested in or entitled to the money or fund in court, the Court may direct
payment or transfer thereof to the persons entitled to receive or give a
discharge for the same on such terms as to the delivering up of deeds or other
documents, or on such other terms as the Court thinks fit, and generally may
give directions respecting the application or distribution of the capital or
income thereof.
(4) This section applies to sales not completed at the
commencement of this Act, and to sales thereafter made.
(5) This section
applies to land under the provisions of the Real Property Act 1900 , and in
such case the Registrar-General shall upon payment of the prescribed fee make
all necessary recordings in the Register kept under that Act for giving effect
to the order.
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