New South Wales Consolidated Acts

RURAL ASSISTANCE ACT 1989 - SECT 38

38 Conditions attached to land sold on default of mortgagor

(1) If land is sold by the Authority for non-payment of principal or interest payable in respect of a loan or for breach of any covenant in the mortgage securing a loan:

(a) the land is freed from any charge in respect of the loan, and

(b) where the land was at the time of the sale subject to conditions prescribed by the Crown Lands Acts, the purchaser shall hold it subject to those conditions but freed from any liability for any breach before the sale of any such condition.

(2) The purchaser shall have 6 months from the time of sale to comply with any unfulfilled improvement conditions in relation to the land.