A mortgagee exercising a power of sale under s 420A of the Corporations Act 2001 (Cth) continues to owe a duty to take reasonable care to obtain market value even where the mortgagor company has been deregistered, because ASIC holds the company's property and rights during deregistration under s 601AD. A purchaser under an uncompleted contract for sale of land has an 'interest' in the land within the meaning of s 4 of the Land Acquisition (Just Terms Compensation) Act 1991 (NSW) even if the time for completion has not arrived and specific performance could not yet be ordered, but that interest is subordinate to the mortgagor's equity of redemption if the mortgagee's exercise of the power of sale was improper.
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