Section 189 — Property Law Act 2007: Vendor mortgagee must nominate discharge sum

189 Vendor mortgagee must nominate discharge sum (1) In an application for a sale under section 187 , the vendor mortgagee must nominate, for the land proposed to be sold, a sum upon payment of which the vendor mortgagee will become bound to discharge the mortgage over the land. (2) If the land is to be sold in separate lots, the vendor mortgagee must nominate a discharge sum for each lot separately, as well as for the land as a whole. (3) If the land proposed to be sold is subject to a mortgage or other encumbrance having priority over the vendor mortgagee’s mortgage, the vendor mortgagee— (a) must not include in the discharge sum the amounts secured by that mortgage or other encumbrance to the extent that the security for those amounts has priority; and (b) must state whether the sale to be conducted by the Registrar is to be subject to, or free of, that mortgage or other encumbrance. Compare: 1952 No 51 s 99(1)