Mortgagees may waive rights in respect of mortgage interests
53 Mortgagees may waive rights in respect of mortgage interests
The mortgagee under a mortgage may, by written notice given to the Minister, waive the mortgagee’s right to any compensation under this Act in respect of the acquisition of a mortgage interest.
The Minister may, by written notice given to a mortgagee from whom a mortgage interest has, or may have been, acquired by compulsory process, require the mortgagee, at his or her option:
to make a claim under Division 4; or
to waive the right to compensation.
If a mortgagee does not, within 30 days after a notice is given to the mortgagee or such further period as the Minister, by writing, allows, make a claim for compensation, the mortgagee shall be deemed to have waived the right to compensation in respect of the acquisition of the mortgage interest.
A mortgagee who waives the right to compensation in respect of the acquisition of a mortgage interest:
is debarred from recovering any compensation from the Commonwealth in respect of the acquisition; but
retains, in respect of the mortgage debt, any rights and remedies that the mortgagee may have:
against the mortgagor; or
in respect of any interest in land that is still subject to the mortgage.
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