53Mortgagees may waive rights in respect of mortgage interests

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.