Document ID: chunk:federal_register_of_legislation:C2024C00450:section:62
Version: federal_register_of_legislation:C2024C00450
Segment Type: section
Provision Reference: s 62
Character Range: 66539–67622

62  Interest subject to mortgage
 (1) This section applies where:
 (a) an interest in land is acquired from a person (in this section called the owner) by compulsory process; and
 (b) immediately before the acquisition, the interest was subject to one or more mortgages.
 (2) As a general rule, the compensation to which the owner is entitled in respect of the acquisition shall be determined as if the interest had not been subject to any mortgage.
 (3) If compensation is payable under this Part to a mortgagee, the compensation payable to the owner is reduced by so much of the compensation payable to the mortgagee as represents the amount calculated according to paragraph 65(1)(a).
 (4) If a mortgagee waives the right to compensation in respect of the acquisition of a mortgage interest, the compensation to which the owner would otherwise be entitled is increased by such amount as the owner should justly receive as compensation in respect of interest upon the mortgage debt accruing from the time of the acquisition, or in respect of any other liability to the mortgagee.