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This is a Bill, not an Act. For current law, see the Acts databases.
Conveyancing Amendment (Mortgages) Bill 2007 No , 2007 A Bill for An Act to amend the Conveyancing Act 1919 to make further provision with respect to the duties of mortgagees and chargees.
Clause 1 Conveyancing Amendment (Mortgages) Bill 2007 The Legislature of New South Wales enacts: 1 1 Name of Act 2 This Act is the Conveyancing Amendment (Mortgages) Act 2007. 3 2 Commencement 4 This Act commences on the day that is 3 months after the date of assent, 5 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Act 1919 No 6 7 The Conveyancing Act 1919 is amended as set out in Schedule 1. 8 4 Repeal of Act 9 (1) This Act is repealed on the day following the day on which all of the 10 provisions of this Act have commenced. 11 (2) The repeal of this Act does not, because of the operation of section 30 12 of the Interpretation Act 1987, affect any amendment made by this Act. 13 Page 2
Conveyancing Amendment (Mortgages) Bill 2007 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 charged 6 land, a mortgagee or chargee must take all reasonable care to sell 7 the land for not less than its market value when it is sold. 8 (2) Nothing in section 112 (7) or 115 (2) of this Act, or in section 58 (1) of the Real Property Act 1900, affects the duty imposed by 10 9 this section. 11 (3) The title of the purchaser is not impeachable on the ground that 12 the mortgagee or chargee has committed a breach of any duty 13 imposed by this section, but a person damnified by the breach of 14 duty has a remedy in damages against the mortgagee or chargee 15 exercising the power of sale. 16 (4) An agreement or stipulation is void to the extent that it purports 17 to relieve, or might have the effect of relieving, a mortgagee or 18 chargee from a duty imposed by this section. 19 (5) Nothing in this section affects the operation of any rule of law 20 relating to the duty of the mortgagee or chargee to account to the 21 mortgagor or chargor. 22 (6) This section applies to mortgages and charges whether made 23 before or after the commencement of this section but only to a 24 sale in the exercise of a power arising upon or in consequence of 25 a default occurring after the commencement of this section. 26 (7) This section applies to mortgages and charges under the Real 27 Property Act 1900. 28 Page 3
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