South Australian Consolidated Acts South Australian Consolidated Acts34—Court may direct sale of mortgaged property etc
In any action for the foreclosure of the equity of redemption in any mortgaged
property, and upon the request of the mortgagee, or of any subsequent
encumbrancer, or of the mortgagor, or any person claiming under any such
person, the court may direct a sale of the property, or a transfer of the
mortgage debt and security, instead of a foreclosure of the equity of
redemption, on such terms as the court thinks fit, and, if the court thinks
fit, without previously determining the priorities of encumbrances, or giving
the usual or any time to redeem: Provided that if the request is made by any
subsequent encumbrancer, or by the mortgagor, or by any person claiming under
such encumbrancer or mortgagor, no such sale shall be directed without the
consent of the mortgagee or the persons claiming under him, unless the party
making such request deposits in court a reasonable sum of money, to be fixed
by the court, for the purpose of securing the performance of such terms as may
be imposed on the party making such request.