Mortgagee may waive right to compensation

Current

A mortgagee under a mortgage over land taken may waive the mortgagee's right to compensation by notice in writing provided to the acquiring authority.

A mortgagee under a mortgage over land taken who waives the right to compensation – cannot recover any compensation under this Act; and retains, in respect of the mortgage debt, any rights and remedies that the mortgagee may have – against the mortgagor; or in respect of any estate in land that is still subject to the mortgage.

This Act’s bill:Explanatory notes Second reading speech

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25 Mortgagee may waive right to compensation