New South Wales Consolidated Acts New South Wales Consolidated Acts(cf Act No 7, 1912, s 34)
(1) This section applies to land that is not under the provisions of the Real Property Act 1900 .
(2) If any amount of principal or interest due in respect of any advance made or money expended by the Corporation under this Division on the security by mortgage of land is unpaid for a period of three months after the due date, the Corporation may make an application to the Registrar-General in writing for an order for foreclosure.
(3) An application under this section may be made instead of taking proceedings in any court.
(4) An application under this section must state that:(a) the default has been made in the circumstances referred to in subsection (2), and(b) the land, estate or interest mortgaged has been offered for sale by public auction by a licensed auctioneer, and(c) the amount of the highest bid at the sale was not sufficient to satisfy the amount due, together with the expenses incurred by the Corporation in connection with the sale, and(d) notice in writing of the intention of the Corporation to make the application has been given to the mortgagor or other person entitled to the equity of redemption.
(5) An application under this section must be accompanied by a certificate of the auctioneer by whom the land was put up for sale or of some person present when the land was put up for sale and such other proof of the matters stated in the application as the Registrar-General requires.
(6) The statements made in an application under this section must be verified by statutory declaration.
(7) The Registrar-General may, at the expense of the Corporation, cause notice to be published once in the Gazette and once in each of the three succeeding weeks, in at least one newspaper circulating in the district in which the mortgaged land is situated, offering the land for sale.
(8) The notice must specify a time (not less than one month from the date of the publication of the notice in the Gazette) on or after which the Registrar-General may issue to the Corporation an order for foreclosure unless in the interval a sufficient amount has been realised by the sale of the land to satisfy the principal and interest due and all the expenses incurred by the taking of action under this section or connected with the sale.
(9) An order for foreclosure under this section, on registration under the Conveyancing Act 1919 , has the effect of barring all right and equity of redemption in the land concerned on the part of the mortgagor or of any person claiming through or under the mortgagor.