Document ID: chunk:federal_register_of_legislation:C2024C00450:section:53
Version: federal_register_of_legislation:C2024C00450
Segment Type: section
Provision Reference: s 53
Character Range: 56536–57881

53  Mortgagees may waive rights in respect of mortgage interests
 (1) 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.
 (2) 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:
 (a) to make a claim under Division 4; or
 (b) to waive the right to compensation.
 (3) 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.
 (4) A mortgagee who waives the right to compensation in respect of the acquisition of a mortgage interest:
 (a) is debarred from recovering any compensation from the Commonwealth in respect of the acquisition; but
 (b) retains, in respect of the mortgage debt, any rights and remedies that the mortgagee may have:
 (i) against the mortgagor; or
 (ii) in respect of any interest in land that is still subject to the mortgage.

Division 2—Amount of compensation–interests other than mortgage interests