TRANSFER OF LAND ACT 1958 - SECT 82 Application of moneys obtained from actions by the mortgagor
TRANSFER OF LAND ACT 1958 - SECT 82
Application of moneys obtained from actions by the mortgagor(1) Any sum of money which becomes payable to the mortgagor under any judgment decree or order in any action by him for or on account of any waste or damage of or to the land mortgaged shall be paid to the first mortgagee in reduction or satisfaction of the money secured; and if he is not willing to receive it or thereby is fully paid off, such sum or the balance shall be paid to any subsequent mortgagee according to priority in like reduction or satisfaction; and if no mortgagee is willing or entitled to receive it, then to the mortgagor for his own benefit.
S. 82(2) amended by Nos 35/1996 s. 453(Sch. 1 item 83.9), 75/2006 s. 192(Sch. 2 item 6.4) (as amended by No. 17/2007 s. 33), 80/2009 s. 41.
(2) Any mortgagee may, either before or after judgment or execution obtained in any action brought by the mortgagor, apply to a court for a summons in such action calling on the plaintiff and defendant or their legal practitioners, conveyancers or agents to attend before the court and show cause why any sum beyond $50 which has been or is recovered for damages in such action or which becomes payable on the settlement thereof should not be paid to such persons and for such purposes as are hereinbefore mentioned with respect to money payable under any judgment decree or order in any action by the mortgagor; and the court shall determine the matter in a summary manner and make such order therein as to costs and all other matters as appears to be just and reasonable.
No. 5842 s. 83.