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TRANSFER OF LAND ACT 1893 - SECT 122

TRANSFER OF LAND ACT 1893 - SECT 122

122 .         Application for foreclosure to be advertised

                Upon such application the Commissioner may direct the Registrar to cause notice to be published once in each of the 3 successive weeks in at least one newspaper published in the city of Perth offering such land for private sale and shall appoint a time not less than one month from the date of the first of such advertisements upon or after which the Registrar shall issue to such applicant an order for foreclosure, unless in the interval a sufficient amount has been obtained by the sale of such land to satisfy the principal and interest moneys secured and all expenses occasioned by such sale and proceedings; and every such order for foreclosure under the hand of the Registrar when entered in the Register shall have the effect of vesting in the mortgagee or his transferee the land mentioned in such order free from all right and equity of redemption on the part of the mortgagor or of any person claiming through or under him subsequently to the mortgage; and such mortgagee or his transferee shall upon such entry being made be deemed a transferee of the mortgaged land and become the proprietor thereof and the Registrar may either register the mortgagee or the transferee as the proprietor of the land on the existing certificate of title or create and register a new certificate of title in the name of the mortgagee or the transferee as the proprietor of the land.

        [Section 122 amended: No. 81 of 1996 s. 69 and 145(1).]