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LAND TITLE ACT 1994 - SECT 78
Powers of mortgagee
78 Powers of mortgagee
(1) A registered mortgagee of a lot has the powers and liabilities of a
mortgagee under the Property Law Act 1974 , part 7 .
(2) Without limiting
subsection (1) , but subject to the terms of the mortgage, if the mortgagor
defaults under a registered mortgage, the mortgagee may— (a) take possession
of the mortgaged lot in a way that does not contravene the Criminal Code ,
section 70 ; or
(b) enter into possession of the mortgaged lot by receiving
rents and profits; or
(c) by a proceeding in a court of competent
jurisdiction— (i) obtain possession of the mortgaged lot; or
(ii) foreclose
the right of the mortgagor to redeem the mortgaged lot; or
(iii) obtain an
order of the court for the sale of the mortgaged lot.
(3) The powers in this
section are in addition to other powers exercisable by the mortgagee.
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