68Foreclosure or surrender of mortgaged lease where lessee is bankrupt

68 Foreclosure or surrender of mortgaged lease where lessee is bankrupt S. 68(1) amended by Nos 9976 s. 11, 18/1989 s. 12(Sch. 1 item 98), 39/2006 s. 6(1). (1) Subject to the next succeeding subsection, on the bankruptcy of the registered proprietor of a lease of freehold land or of a perpetual Crown lease or of a Crown lease for years which is subject to one mortgage only, or to two or more mortgages of which the same person is registered proprietor, the Registrar, on lodgment by the mortgagee of an application in an appropriate approved form accompanied by a statement in writing signed by the trustee in bankruptcy that such trustee disclaims the lease, shall make a recording of the disclaimer in the Register, and that recording shall operate as a foreclosure and transfer to the mortgagee of the interest of the bankrupt in the lease. S. 68(2) amended by Nos 9976 s. 11, 18/1989 s. 12(Sch. 1 item 99), 39/2006 s. 6(2), 80/2009 s. 38. (2) The lessor of freehold land or of a perpetual Crown lease or of a Crown lease for years may serve notice in writing on the mortgagee that after the expiration of a period of 30 days from the service of such notice he intends to apply for the surrender of the lease; and if within such period the mortgagee makes no application under the last preceding subsection he shall be deemed to have abandoned his rights thereunder and the Registrar, on lodgment by the lessor of an application in an appropriate approved form accompanied by a disclaimer of the trustee in bankruptcy as aforesaid and a copy of the lessor's notice to the mortgagee and a statutory declaration as to service thereof, shall make in the Register a recording of the disclaimer and the mortgagees' failure to apply, and that recording shall operate as a surrender of the lease discharged from the mortgage but without prejudice to any action or cause of action previously commenced or accrued in respect of any breach or non-observance of any covenant expressed or implied in the lease. No. 5842 s. 69. S. 69 amended by No. 18/1989 s. 12(Sch. 1 item 100), substituted by No. 39/2006 s. 7.