South Australian Consolidated Acts South Australian Consolidated Acts23B—Sale after right of redemption barred
(1) Where any property
which has been mortgaged to a trustee becomes vested in the trustee discharged
from the equity of redemption, the trustee shall hold the property as an
authorised investment on trust for sale, with power to postpone the sale for
such a period as he may think proper.
(2) The net proceeds
of sale, after payment of costs and expenses, shall be applied in like manner
as the mortgage debt, if received, would have been applicable, and the income
of the property until sale shall be applied in like manner as the interest, if
received, would have been applicable.
(3) This section shall
not affect any rule of law relating to the apportionment of capital and income
between tenant for life and remainderman.
(4) This section shall
not affect the right of any person to require that, instead of a sale, the
property shall be conveyed to him or in accordance with his directions, or any
power of the trustee to appropriate the property in specie to any beneficiary.
(5) This section
applies whether the property is discharged from the equity of redemption by
virtue of the statutes of limitation or an order for foreclosure or the
purchase of the equity of redemption or otherwise.