(1) Any person entitled to redeem mortgaged property may have a judgment or
order for sale instead of for redemption in an action brought by the person
either for redemption alone, or for sale alone, or for sale or redemption in
the alternative.
(2) In any action, whether for foreclosure, or for
redemption, or for sale, or for the raising and payment in any manner of
mortgage money, the court, on the request of the mortgagee, or of any person
interested either in the mortgage money or in the right of redemption, and,
even though—
(a) any other person dissents; or
(b) the mortgagee or any
person so interested does not appear in the action;
and without allowing any
time for redemption or for payment of any mortgaged money, may direct a sale
of the mortgaged property, on such terms, subject to subsection (3) , as it
thinks fit, including the deposit in court of a reasonable sum fixed by the
court to meet the expenses of sale and to secure performance of the terms.
(3) In an action brought by a person interested in the right of redemption and
seeking a sale, the court may, on the application of any defendant, direct the
plaintiff to give such security for costs as the court thinks fit, and may
give the conduct of the sale to any defendant, and may give such directions as
it thinks fit respecting the costs of the defendants or any of them.
(4) In
any case within this section the court may, if it thinks fit, direct a sale
without previously determining the priorities of encumbrancees.
(5) This
section applies to actions brought whether before or after the commencement of
this Act.
(6) In this section—
"mortgaged property" includes the estate or interest which a mortgagee would
have had power to convey if the statutory power of sale were applicable.
(7)
For the purposes of this section the court may, in favour of a purchaser, make
an order vesting the mortgaged property, or appoint a person to convey the
property, subject or not to any encumbrance, as the court may think fit or, in
the case of an equitable mortgage, may create and vest a legal estate in the
mortgagee to enable the mortgagee to carry out the sale as if the mortgage had
been made by deed or instrument by way of legal mortgage.
