Victorian Consolidated Legislation

Property Law Act 1958 - SECT 90

Realization of equitable charges by the Court

90. Realization of equitable charges by the Court



(1) Where an order for sale is made by the Court in reference to an equitable
mortgage on land the Court may, in favour of a purchaser, make a vesting order
conveying the land or may appoint a person to convey the land, or may create
and vest in the mortgagee a legal estate in the land to enable him to carry
out the sale as the case requires, in like manner as if the mortgage had been
made by deed by way of legal mortgage, but without prejudice to any
incumbrance having priority to the equitable mortgage unless the incumbrancer
consents to the sale.

(2) This section shall apply to equitable mortgages made or arising
before or after the commencement of this Act, but not to a mortgage which has
been overreached under the powers conferred by this Part or otherwise.