New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 99A

99A Foreclosure order for certain charged land

(1) Where--

(a) default has been made for 6 months in the payment of the principal and interest secured by a charge,

(b) the land charged has been offered for sale at a public auction by a licensed auctioneer after notice has been given in accordance with section 111,

(c) the amount of the highest bid at that sale was not sufficient to satisfy the money secured by the charge, together with the expenses of the sale, and

(d) notice in writing of the intention to make the application has been served on the person whose land is subject to the charge in the manner prescribed by section 170,

the chargee or the solicitor, attorney or agent of the chargee may make application to the Court for an order for foreclosure.

(2) The application shall be made in accordance with rules of Court.

(3) The notice of intention to make the application may be given personally or by post to the NSW Trustee and Guardian where, at the time the notice is so given--

(a) the chargee knows the person whose land is subject to the charge is dead, and

(b) there is no personal representative of the deceased in New South Wales,

and any such notice shall be accompanied by a statement containing such particulars as may be prescribed.

(4) A notice given in accordance with subsection (3) shall be deemed to have been served on the person whose land is subject to the charge unless probate of the will or letters of administration of the estate of the person is or are granted to some person other than the NSW Trustee and Guardian within one month after the notice has been so given.

(5) Where an application has been made in accordance with this section and such further notice of its intention to make the order as the Court considers appropriate has been given, the Court may make an order for foreclosure in favour of the applicant, unless in the interval a sufficient amount has been realised by the sale of the land to satisfy the principal and interest due and all expenses occasioned by the sale and proceedings for foreclosure.

(6) An order for foreclosure made under this section shall have the effect of vesting in the chargee all the estate and interest in that land of the person whose land was subject to the charge.

(7) Except as provided by section 101, this section applies only to charges imposed under section 88F on land which is not under the provisions of the Real Property Act 1900 .