33Land may be sold and proceeds secured by mortgage

##### 33. Land may be sold and proceeds secured by mortgage (1) Where a trustee sells land for an estate in fee simple, the trustee may, where the proceeds are liable to be invested, contract that the payment of any part, not exceeding two‑thirds, of the purchase money shall be secured by a mortgage of the land sold, with or without the security of any other property, and the mortgage shall, if any buildings or other improvements are comprised in the mortgage, contain a covenant by the mortgagor to keep them insured against loss or damage by fire to their full insurable value. (2) The trustee shall not be bound to obtain any report as to the value of the land or other property to be comprised in such a mortgage as is mentioned in subsection (1), or any advice as to the making of the loan, and shall not be liable for any loss that may be incurred by reason only of the security being insufficient at the date of the mortgage. (3) Where the sale referred to in subsection (1) is made under the order of the Court, the powers conferred by that subsection shall apply only if and so far as the Court may by order direct.