Victorian Current Acts

TRANSFER OF LAND ACT 1958 - SECT 87E

    (1)     This section applies if—

        (a)     land has been mortgaged fraudulently; and

        (b)     the registered proprietor of the land is not a party to that fraud; and

        (c)     the registered proprietor is entitled to be indemnified under this Act because of that fraud; and

        (d)     the land has been sold under a mortgage or charge in accordance with section 77.

    (2)     If this section applies, the amount to be applied in accordance with section 77(3) must not exceed the amount payable under section 110(4)(c) in respect of the payment of money due or owing (as appropriate)—

        (a)     on the first mortgage or charge, in accordance with section 77(3)(b); or

        (b)     in respect of subsequent mortgages and charges, in accordance with section 77(3)(c); or

        (c)     on the first mortgage or charge and subsequent mortgages and charges, in accordance with section 77(3)(b) and (c).

Division 10—Restrictive covenants, charges etc.

No. 5842 s. 88.