New South Wales Consolidated Acts

REAL PROPERTY ACT 1900 - SECT 62

62 Order for, and effect of, foreclosure

(1) Where an application is made in accordance with section 61 for an order for foreclosure, the Registrar-General may--

(a) issue the order to the applicant, or

(b) require the applicant to offer the land mortgaged or charged for sale and to do so in accordance with the directions of the Registrar-General.

(2) If the applicant is required to offer the land for sale and it is not sold or an insufficient amount is realised by the sale to satisfy the principal sum and interest due, and all expenses occasioned by the sale, the Registrar-General may issue to the applicant an order for foreclosure.

(3) Every order for foreclosure issued by the Registrar-General and recorded in the Register has the effect of vesting in the mortgagee or covenant chargee who applied for it all the estate and interest of the mortgagor or covenant charger in the land mentioned in the order--

(a) in every case, free from any right of a mortgagee, chargee or covenant chargee under a registered mortgage, charge or covenant charge which has less priority than that of the applicant, and

(b) in the case of mortgaged land, free from any right and equity of redemption of the mortgagor or any person claiming through or under the mortgagor.