38Property may be sold after right of redemption barred

##### 38. Property may be sold 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 whether by virtue of the *Limitation Act 2005* or of any order for foreclosure or purchase of the equity of redemption or otherwise, the trustee shall hold the property on trust for sale. (2) The net proceeds of sale of any property to which this section relates shall, after payment of costs and expenses, 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 the right of any person to require that, instead of a sale, the property shall be conveyed to him or in accordance with his directions. [Section 38 amended: No. 20 of 2005 s. 23.]