Commonwealth Consolidated Acts

LANDS ACQUISITION ACT 1989 - SECT 53

             (1)  The mortgagee under a mortgage may, by written notice given to the Minister, waive the mortgagee's right to any compensation under this Act in respect of the acquisition of a mortgage interest.

             (2)  The Minister may, by written notice given to a mortgagee from whom a mortgage interest has, or may have been, acquired by compulsory process, require the mortgagee, at his or her option:

                     (a)  to make a claim under Division 4; or

                     (b)  to waive the right to compensation.

             (3)  If a mortgagee does not, within 30 days after a notice is given to the mortgagee or such further period as the Minister, by writing, allows, make a claim for compensation, the mortgagee shall be deemed to have waived the right to compensation in respect of the acquisition of the mortgage interest.

             (4)  A mortgagee who waives the right to compensation in respect of the acquisition of a mortgage interest:

                     (a)  is debarred from recovering any compensation from the Commonwealth in respect of the acquisition; but

                     (b)  retains, in respect of the mortgage debt, any rights and remedies that the mortgagee may have:

                              (i)  against the mortgagor; or

                             (ii)  in respect of any interest in land that is still subject to the mortgage.