7Concept of notional owner

#### 7 Concept of notional owner 7 Concept of notional owner > > (1) For the purposes of this Act, a notional owner of land is a person who is a mortgagee in possession of the land or who has a vested interest with respect to the land— > > > > > (a) that carries an entitlement to have a freehold interest in the land vested in the person, or > > > > > (b) that enables the person to dispose of or otherwise deal with a freehold interest in the land, > > > > so that the person is able to benefit from the value of the land, or a substantial portion of it, by such vesting, disposal or dealing. > > > (2) Despite subsection (1), a person is not a notional owner of land— > > > > > (a) if the person, not being a mortgagee in possession of the land, is the owner of the land or is the Crown or a person or body representing the Crown, or > > > > > (b) merely because the person has a security (such as a mortgage, charge or lien) over the land, or > > > > > (c) merely because the person is a legal personal representative of a person who was an owner of the land immediately before the person’s death or the appointment of the representative took effect, or > > > > > (d) merely because the person is the NSW Trustee and Guardian and the land is deemed to be vested in the NSW Trustee and Guardian by the operation of section 61 of the [Probate and Administration Act 1898](/view/html/inforce/current/act-1898-013), or > > > > > (e) if the person would otherwise be a notional owner of land, but— > > > > > > > (i) the person has some security over the land, and > > > > > > > (ii) the person (or a financial controller appointed by the person) has entered into a contract to sell the land for the purpose of realising part or all of the value of the land in order to discharge the obligation so secured. > > > (3) In subsection (2) (e) (ii), financial controller means a receiver, manager or other person who has possession or control of land for the purpose of realising part or all of the value of the land in order to discharge an obligation secured over the land. > > **s 7:** Subst 2008 No 111, Sch 1 \[6\]. Am 2012 No 95, Sch 2.6.