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Trustees Act 1962
37Equity of redemption may be purchased instead of foreclosing
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##### 37. Equity of redemption may be purchased instead of foreclosing
A trustee may, in lieu of proceeding to foreclosure, purchase the equity of redemption of land in the State the subject of a mortgage held by the trustee under which default has been made where the moneys expended in that purchase are subject to the same trusts as the mortgage debt; but in no case shall the moneys paid by way of consideration for such purchase exceed 5% of the amount due under the mortgage.