Victorian Consolidated Legislation

Land Acquisition and Compensation Act 1986 - SECT 73

Deposit of money when refused on tender under section 72

73. Deposit of money when refused on tender under section 72



(1) If a mortgagee fails-

   (a)  to convey or release to the Authority, or as it directs, the interest
        in the part of land in respect of which the value or compensation has
        been paid or tendered under section 72; or

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

the Authority may pay the amount of that value or compensation to the credit
of the Trust Fund to be dealt with by the Minister administering Part 7 of the
Financial Management Act 1994 in the manner provided in this Act.

(2) A payment under subsection (1)-

   (a)  must be accepted by the mortgagee in satisfaction of the mortgage debt
        so far as that payment will extend; and

   (b)  is a full discharge of the part of the mortgaged interest so required
        from all money due thereon.

(3) The Authority, if it thinks fit, may execute and register a deed poll in
the manner provided in section 69(2) and (3).

(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 required is vested in the Authority.

(5) Despite subsection (4), the mortgagee has the same powers and remedies for
recovering or compelling payment of the mortgage money or the residue thereof
(as the case may be) and the interest thereof respectively upon and out of the
residue of the mortgaged interest which is not required for the purposes of
the special Act, as the mortgagee would otherwise have had or been entitled to
for recovering or compelling payment thereof upon or out of the interest in
the whole of the land originally comprised in the mortgage.

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