Victorian Consolidated Legislation

Land Acquisition and Compensation Act 1986 - SECT 68

PART 8 MORTGAGES OVER ACQUIRED LAND

Power to redeem mortgages

68. Power to redeem mortgages



(1) The Authority may purchase or redeem the interest of the mortgagee in any
interest in land acquired or proposed to be acquired pursuant to this Act for
the purposes of the special Act.

(2) Subsection (1) applies whether or not-

   (a)  the Authority has previously acquired the equity of redemption of that
        land; or

   (b)  the mortgagee is entitled to the mortgagee's interest in the land in
        the mortgagee's own right or in trust for any other person; or

   (c)  the mortgagee is in possession of that land by virtue of the mortgage;
        or

   (d)  the mortgage affects that interest in land solely or jointly with
        other interests in that or any other land not required for the
        purposes of the special Act.

(3) The Authority may purchase or redeem the mortgage by paying or tendering
to the mortgagee-

   (a)  the principal sum and interest due on the mortgage; and

   (b)  the expenses and charges (if any) of the mortgagee; and

   (c)  three months' additional interest.

(4) Immediately upon payment of the amounts specified in subsection (3), the
mortgagee must convey or release the mortgagee's interest in the land under
the mortgage to the Authority or as the Authority directs.

(5) The Authority may give notice in writing to the mortgagee that it will pay
off the principal and interest due on the mortgage six months after the date
of giving of the notice.

(6) If-

   (a)  the Authority has given a notice under subsection (5); or

   (b)  the person entitled to the equity of redemption of the land has given
        six months' notice of intention to redeem the interest of the
        mortgagee in the land-

at the expiration of the period specified in respect of either of those
notices or at any intermediate period, upon payment or tender by the Authority
to the mortgagee of-

   (c)  the principal sum due on the mortgage; and

   (d)  the interest which would become due at the end of six months from the
        date of giving either of the notices; and

   (e)  the expenses and charges (if any) of the mortgagee-

the mortgagee must convey or release the mortgagee's interest in the land
under the mortgage to the Authority or as the Authority directs.