Victorian Consolidated Legislation

Land Acquisition and Compensation Act 1986 - SECT 69

Deposit of mortgage money on refusal to accept

69. Deposit of mortgage money on refusal to accept



(1) If a mortgagee fails-

   (a)  to convey or release the mortgagee's interest in the land under the
        mortgage to the Authority or as it directs pursuant to section 68; or





   (b)  to adduce good title to the mortgagee's interest in that land to the
        Authority's satisfaction-

the Authority may pay to the credit of the Trust Fund to be dealt with by the
Treasurer in the manner provided in this Act-

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

   (d)  the costs (if any) due on the mortgage; and

   (e)  if the payment is made before the expiration of the six months' notice
        referred to in section 68, such further interest as would at that time
        become due.

(2) The Authority, if it thinks fit, may execute a deed poll-

   (a)  containing a description of the lands in respect of which the deposit
        was made under subsection (1); and

   (b)  describing the circumstances in which the deposit was made.

(3) The Authority must register the deed poll in the office of the
Registrar-General.

(4) Upon the registration of the deed poll the interest of the mortgagee and
of all persons in trust for the mortgagee or for whom the mortgagee may be
trustee in the land comprised in the mortgage is vested in the Authority.