A mortgagee under a registered but forged 'all moneys' mortgage cannot exercise its power of sale under s 57(2) of the Real Property Act 1900 (NSW) where the debt is identified only in a separate deed of loan not incorporated into the mortgage, because the statutory power requires default in a covenant 'in the mortgage' or payment 'in accordance with the terms of the mortgage'. The contractual interpretation principle that contemporaneous instruments forming a single transaction should be read together does not operate to import terms of a separate deed into the mortgage for statutory purposes. Mortgagees using standard 'all moneys' mortgage structures where the loan terms are in a separate deed should ensure the debt is identified in the mortgage itself or in a document expressly incorporated into it.
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