sec.115Power of sale if disclaimer of onerous property

### sec.115 Power of sale if disclaimer of onerous property This section applies if— a trustee in bankruptcy disclaims under the Bankruptcy Act 1966 (Cwlth) , section 133 (1) freehold land that is subject to a registered mortgage; and notice of the disclaimer is given under the Bankruptcy Act 1966 (Cwlth) , section 133 (3) . Also, this section applies if— a liquidator disclaims under the Corporations Act , section 568 (1) freehold land that is subject to a registered mortgage; and notice of the disclaimer is given to each person who appears to the liquidator to have, or to claim to have, an interest in the property under the Corporations Act , section 568A ; and the disclaimer takes effect under the Corporations Act , section 568C . Despite the disclaimer, the mortgagee under the registered mortgage may exercise a power to sell the land if— the mortgagee has given a notice in the approved form to each person who appears to the mortgagee to be an interested person for the land stating— the property has been disclaimed by a trustee in bankruptcy under the Bankruptcy Act 1966 (Cwlth) or by a liquidator under the Corporations Act ; and the mortgagee intends to exercise a power of sale in relation to the land on or after a day (the notified day ) at least 30 days after the day the notice is given; and on the day, on or after the notified day, that the power to sell is exercised— any application under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568E or 568F in relation to the land has been finally dealt with or withdrawn; and no order, under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568F , vesting the land in another person, has been made. The mortgagee may exercise a power to sell the land under subsection (3) even if the mortgagee has not complied with section 114 . In this section— interested person , for land, means— the registrar; or a person who has an interest in the land. (sec.115-ssec.1) This section applies if— a trustee in bankruptcy disclaims under the Bankruptcy Act 1966 (Cwlth) , section 133 (1) freehold land that is subject to a registered mortgage; and notice of the disclaimer is given under the Bankruptcy Act 1966 (Cwlth) , section 133 (3) . (sec.115-ssec.2) Also, this section applies if— a liquidator disclaims under the Corporations Act , section 568 (1) freehold land that is subject to a registered mortgage; and notice of the disclaimer is given to each person who appears to the liquidator to have, or to claim to have, an interest in the property under the Corporations Act , section 568A ; and the disclaimer takes effect under the Corporations Act , section 568C . (sec.115-ssec.3) Despite the disclaimer, the mortgagee under the registered mortgage may exercise a power to sell the land if— the mortgagee has given a notice in the approved form to each person who appears to the mortgagee to be an interested person for the land stating— the property has been disclaimed by a trustee in bankruptcy under the Bankruptcy Act 1966 (Cwlth) or by a liquidator under the Corporations Act ; and the mortgagee intends to exercise a power of sale in relation to the land on or after a day (the notified day ) at least 30 days after the day the notice is given; and on the day, on or after the notified day, that the power to sell is exercised— any application under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568E or 568F in relation to the land has been finally dealt with or withdrawn; and no order, under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568F , vesting the land in another person, has been made. (sec.115-ssec.4) The mortgagee may exercise a power to sell the land under subsection (3) even if the mortgagee has not complied with section 114 . (sec.115-ssec.5) In this section— interested person , for land, means— the registrar; or a person who has an interest in the land. - (a) a trustee in bankruptcy disclaims under the Bankruptcy Act 1966 (Cwlth) , section 133 (1) freehold land that is subject to a registered mortgage; and - (b) notice of the disclaimer is given under the Bankruptcy Act 1966 (Cwlth) , section 133 (3) . - (a) a liquidator disclaims under the Corporations Act , section 568 (1) freehold land that is subject to a registered mortgage; and - (b) notice of the disclaimer is given to each person who appears to the liquidator to have, or to claim to have, an interest in the property under the Corporations Act , section 568A ; and - (c) the disclaimer takes effect under the Corporations Act , section 568C . - (a) the mortgagee has given a notice in the approved form to each person who appears to the mortgagee to be an interested person for the land stating— (i) the property has been disclaimed by a trustee in bankruptcy under the Bankruptcy Act 1966 (Cwlth) or by a liquidator under the Corporations Act ; and (ii) the mortgagee intends to exercise a power of sale in relation to the land on or after a day (the notified day ) at least 30 days after the day the notice is given; and - (i) the property has been disclaimed by a trustee in bankruptcy under the Bankruptcy Act 1966 (Cwlth) or by a liquidator under the Corporations Act ; and - (ii) the mortgagee intends to exercise a power of sale in relation to the land on or after a day (the notified day ) at least 30 days after the day the notice is given; and - (b) on the day, on or after the notified day, that the power to sell is exercised— (i) any application under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568E or 568F in relation to the land has been finally dealt with or withdrawn; and (ii) no order, under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568F , vesting the land in another person, has been made. - (i) any application under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568E or 568F in relation to the land has been finally dealt with or withdrawn; and - (ii) no order, under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568F , vesting the land in another person, has been made. - (i) the property has been disclaimed by a trustee in bankruptcy under the Bankruptcy Act 1966 (Cwlth) or by a liquidator under the Corporations Act ; and - (ii) the mortgagee intends to exercise a power of sale in relation to the land on or after a day (the notified day ) at least 30 days after the day the notice is given; and - (i) any application under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568E or 568F in relation to the land has been finally dealt with or withdrawn; and - (ii) no order, under the Bankruptcy Act 1966 (Cwlth) , section 133 (9) or the Corporations Act , section 568F , vesting the land in another person, has been made. - (a) the registrar; or - (b) a person who has an interest in the land.