CONVEYANCING ACT 1919 - SECT 100
Foreclosure extinguishes right of action for debt, and equity of redemption
CONVEYANCING ACT 1919 - SECT 100
Foreclosure extinguishes right of action for debt, and equity of redemption
100 Foreclosure extinguishes right of action for debt, and equity of
redemption
(1) On an order absolute for foreclosure the mortgagee or chargee shall be
deemed to have taken the property mentioned in such order, in full
satisfaction of the mortgage debt or amount secured by the charge, and the
mortgagee or chargee's right or equity to bring any action or to take other
proceedings for the recovery of the mortgage money or amount secured by the
charge from the debtor, surety, or other person, shall be extinguished, and
all collateral securities for the debt or amount secured by the charge which
have not previously been enforced shall be released, and the right or equity
of the mortgagor to redeem the said property shall also be extinguished.
(2)
In the case of mortgages of or charges on land under the
Real Property Act 1900,
"order absolute" includes an order for foreclosure under the hand of the
Registrar-General when recorded in the Register kept under that Act.
(3) This
section applies only to--
(a) foreclosures obtained after the commencement of
this Act, and
