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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Conveyancing Amendment
(Mortgages) Bill 2002
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Conveyancing Act 1919 No 6 2
Schedule 1 Amendment 3
This PUBLIC BILL, originated in the LEGISLATIVE ASSEMBLY and, having this day
passed, is now ready for presentation to the LEGISLATIVE COUNCIL for its
concurrence.
Clerk of the Legislative Assembly.
Legislative Assembly,
New South Wales
Conveyancing Amendment
(Mortgages) Bill 2002
Act No , 2002
An Act to amend the Conveyancing Act 1919 to make further provision with
respect to the duties of mortgagees and chargees.
EXAMINED
Chairman of Committees
Clause 1 Conveyancing Amendment (Mortgages) Bill 2002
The Legislature of New South Wales enacts: 1
1 Name of Act 2
This Act is the Conveyancing Amendment (Mortgages) Act 2002. 3
2 Commencement 4
This Act commences on the day that is 3 months after the date of 5
assent, except in so far as it is commenced sooner by proclamation. 6
3 Amendment of Conveyancing Act 1919 No 6 7
The Conveyancing Act 1919 is amended as set out in Schedule 1. 8
Page 2
Conveyancing Amendment (Mortgages) Bill 2002
Amendment Schedule 1
Schedule 1 Amendment 1
(Section 3) 2
Section 111A 3
Insert after section 111: 4
111A Certain duties of mortgagees and chargees 5
(1) In exercising a power of sale in respect of mortgaged or 6
charged land, a mortgagee or chargee must take all reasonable 7
care to sell the land for not less than its market value when it is 8
sold. 9
(2) Nothing in section 112 (7) or 115 (2) of this Act, or in 10
section 58 (1) of the Real Property Act 1900, affects the duty 11
imposed by this section. 12
(3) The title of the purchaser is not impeachable on the ground that 13
the mortgagee or chargee has committed a breach of any duty 14
imposed by this section, but a person damnified by the breach 15
of duty has a remedy in damages against the mortgagee or 16
chargee exercising the power of sale. 17
(4) An agreement or stipulation is void to the extent that it purports 18
to relieve, or might have the effect of relieving, a mortgagee or 19
chargee from a duty imposed by this section. 20
(5) Nothing in this section affects the operation of any rule of law 21
relating to the duty of the mortgagee or chargee to account to 22
the mortgagor or chargor. 23
(6) This section applies to mortgages and charges whether made 24
before or after the commencement of this section but only to a 25
sale in the exercise of a power arising upon or in consequence 26
of a default occurring after the commencement of this section. 27
(7) This section applies to mortgages and charges under the Real 28
Property Act 1900. 29
Page 3
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