50DRight to possession and power of sale

50D Right to possession and power of sale

(1) If the purchaser of any property is an Australian soldier he shall be entitled to possession of the property upon payment of the amounts specified in subparagraphs (a) and (b) of paragraph (1) of regulation 50 of these Regulations, and upon signing a contract of sale in respect of the property (in these Regulations referred to as the ‘contract of sale’).

(2) If the purchaser of any property is not an Australian soldier he shall be entitled to possession of the property upon payment of the amounts specified in subparagraphs (a), (b) and (c) of paragraph (2) of regulation 50 of these Regulations, and upon signing a contract of sale in respect of the property (in these Regulations referred to as the ‘contract of sale’).

(3) Until the whole of the purchase money and interest thereon is paid, all right, title, and interest in the property, shall remain vested in the Custodian, and the purchaser shall not, except with the consent in writing of the Custodian, be entitled to assign or transfer the whole or any of his rights under the contract of sale, or to charge those rights in any way with the payment of any money.

(4) Upon the purchaser becoming entitled to possession of the property he shall have the right to use for his own benefit the produce of the property subject to a lien on that produce in favour of the Custodian for any moneys payable to the Custodian under paragraph (a) of regulation 57 of these Regulations.