Tasmanian Consolidated Acts Tasmanian Consolidated Acts
(1) A mortgagee under a mortgage over land taken may waive the mortgagee's right to compensation by notice in writing provided to the acquiring authority.
(2) A mortgagee under a mortgage over land taken who waives the right to compensation –
(a) cannot recover any compensation under this Act; and
(b) retains, in respect of the mortgage debt, any rights and remedies that the mortgagee may have –
(i) against the mortgagor; or
(ii) in respect of any estate in land that is still subject to the mortgage.