ACTIn ForceAct
Trustee Act 1925
32APower to purchase equity of redemption instead of
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32A Power to purchase equity of redemption instead of
foreclosure
(1) This section applies if default is made in a mortgage held by a trustee
over land in Australia.
(2) Unless expressly prevented by the trust instrument, the trustee may,
instead of foreclosing, buy the equity of redemption if the amount
spent on the purchase—
(a) is subject to the same trusts as the mortgage debt; and
(b) is not more than 5% of the amount owing under the mortgage.