Lands Acquisition Act 1989

The amount of compensation to which a mortgagee is entitled under this Part in respect of the acquisition of a mortgage interest under a mortgage (in this section called the relevant mortgage) is an amount equal to the sum of:

so much of the sum of:

the amount of the principal secured by the relevant mortgage at the time of acquisition of the mortgage interest; and

the amount of any interest, costs or charges due to the mortgagee under the relevant mortgage at that time;

any legal or other professional costs reasonably incurred by the mortgagee in relation to the acquisition of the mortgage interest, including costs of:

obtaining advice in relation to the acquisition, the entitlement of the mortgagee to compensation or the amount of compensation; and

executing, producing or surrendering such documents, and making out and providing such abstracts and attested copies, as the Secretary of the Department requires.

For the purposes of subsection (1), if:

the relevant mortgage was the only mortgage over the interest in land immediately before the acquisition; or

there were 2 or more mortgages over the interest in land immediately before the acquisition and the relevant mortgage had, at that time, priority over the other mortgage or mortgages;

For the purposes of subsection (1), if:

there were 2 or more mortgages over the interest in land immediately before the acquisition; and

the relevant mortgage did not have, at that time, priority over the other mortgage or mortgages;