33Sale after right of redemption barred

33 Sale after right of redemption barred (1) Where any property is vested in a trustee by way of security, and the property becomes discharged from the right of redemption, the trustee shall hold the property on trust for sale, with power to postpone the sale for such a period as he or she may think proper. (2) The net proceeds of sale, after payment of costs and expenses, shall be applied in like manner as the mortgage debt, if received, would have been applicable, and the income of the property until sale shall be applied in like manner as the interest, if received, would have been applicable. (3) This section does not affect any rule of law relating to the apportionment of capital and income between a life tenant of land and a person entitled to the remainder of the interest in the land. (4) This section shall not affect the right of any person to require that, instead of a sale, the property shall be conveyed to him or her or in accordance with his or her directions. (5) This section applies whether the property is discharged from the right of redemption by virtue of the statutes of limitation or of an order for foreclosure or purchase of the equity of redemption or otherwise. (6) This section extends to land secured by a mortgage under the Land Titles Act 1925 and, in relation to such security, an order for foreclosure includes an order for foreclosure under that Act.