§ 76 — Foreclosure of mortgages

76.—(1) In the interpretation of any law relating to foreclosure of mortgage, unless repugnant to the context —(a)

a mortgagor of registered land who is in default is deemed to have an equity of redemption; and

(b)

a mortgagee of registered land has the same right to apply to the court for an order for foreclosure as if the land were not under the provisions of this Act and the mortgagee held a legal estate therein.

(2) Where the court has made an order for foreclosure upon an application made by a mortgagee of registered land, the mortgagee in whose favour the foreclosure order is made must lodge an application in the approved form together with a duly certified copy of the court order with the Registrar for the purpose of registering the court order under this Part.[8/2014]

(3) The Registrar upon being satisfied that the court order is in order for registration must register the order by entering a memorial of the court order in the relevant folio.

(4) The court order when so entered in the land‑register has the effect of vesting in the applicant mortgagee all the estate and interest of the mortgagor in the land referred to in the court order freed from all right and equity of redemption on the part of the mortgagor, and freed and discharged from all liability on account of any mortgage, charge or other interest, registered subsequently thereto except such leases or other interests as may be binding on the applicant mortgagee.

—(1) In the interpretation of any law relating to foreclosure of mortgage, unless repugnant to the context —(a)

a mortgagor of registered land who is in default is deemed to have an equity of redemption; and

(b)

a mortgagee of registered land has the same right to apply to the court for an order for foreclosure as if the land were not under the provisions of this Act and the mortgagee held a legal estate therein.

(2) Where the court has made an order for foreclosure upon an application made by a mortgagee of registered land, the mortgagee in whose favour the foreclosure order is made must lodge an application in the approved form together with a duly certified copy of the court order with the Registrar for the purpose of registering the court order under this Part.[8/2014]

(3) The Registrar upon being satisfied that the court order is in order for registration must register the order by entering a memorial of the court order in the relevant folio.

(4) The court order when so entered in the land‑register has the effect of vesting in the applicant mortgagee all the estate and interest of the mortgagor in the land referred to in the court order freed from all right and equity of redemption on the part of the mortgagor, and freed and discharged from all liability on account of any mortgage, charge or other interest, registered subsequently thereto except such leases or other interests as may be binding on the applicant mortgagee.