120A
In forceEffect on writ of execution of transfer after sale by mortgagee
Part 7Other dealings
Division 1Writs of execution
120A Effect on writ of execution of transfer after sale by mortgagee
(1)
Subsection (2) applies if—
(a)
a mortgage is registered over a lot; and
(b)
a writ of execution is later registered in relation to the lot.
(2)
If the mortgagee of the lot signs a transfer of the lot after exercising power of sale under the mortgage—
(a)
registration of the writ of execution does not prevent registration of the transfer; and
(b)
on registration of the transfer, the registrar must cancel registration of the writ of execution.
This Act’s bill:Explanatory memorandum
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