(1) For the purposes of this Act, a
"notional owner" of land is a person who is a mortgagee in possession of the
land or who has a vested interest with respect to the land--
(a) that carries
an entitlement to have a freehold interest in the land vested in the person,
or
(b) that enables the person to dispose of or otherwise deal with a
freehold interest in the land,
so that the person is able to benefit from the
value of the land, or a substantial portion of it, by such vesting, disposal
or dealing.
(a) if the person, not being a mortgagee in possession of the land, is
the owner of the land or is the Crown or a person or body representing the
Crown, or
(b) merely because the person has a security (such as a mortgage,
charge or lien) over the land, or
(c) merely because the person is a legal
personal representative of a person who was an owner of the land immediately
before the person's death or the appointment of the representative took
effect, or
(d) merely because the person is the NSW Trustee and Guardian and
the land is deemed to be vested in the NSW Trustee and Guardian by the
operation of section 61 of the Probate and Administration Act 1898 , or
(i) the
person has some security over the land, and
(ii) the person (or a
financial controller appointed by the person) has entered into a contract to
sell the land for the purpose of realising part or all of the value of the
land in order to discharge the obligation so secured.
(3) In subsection (2)
(e) (ii),
"financial controller" means a receiver, manager or other person who has
possession or control of land for the purpose of realising part or all of the
value of the land in order to discharge an obligation secured over the land.
