Section 196 — Property Law Act 2007: Mortgagee may purchase at sale through Registrar

196 Mortgagee may purchase at sale through Registrar (1) The vendor mortgagee may be a bidder at a sale by public auction of mortgaged land conducted by the Registrar under section 187 . (2) If, at the sale, the vendor mortgagee is declared to be the purchaser of the land, or, if the land is sold as separate lots, the purchaser of all or any lots, the vendor mortgagee is bound to purchase the land, or the lot or lots, at a purchase price equal to the greater of— (a) the amount of the vendor mortgagee’s successful bid; or (b) the discharge sum nominated by the vendor mortgagee for the land or the lot or lots. (3) If, under this section, the vendor mortgagee becomes the purchaser of mortgaged land, the Registrar, on request, must execute or register a transfer instrument that— (a) is expressed to be made between the Registrar (described only as the holder of that office) and the vendor mortgagee, with or without the addition of any other party; and (b) recites that the sale has been made under section 187 ; and (c) is sufficient to transfer or assign the land to the vendor mortgagee or to any other person whom the vendor mortgagee may in writing appoint; and (d) states as the consideration for the transfer or assignment the amount of the purchase price determined in accordance with subsection (2). (4) Subsection (3)(c) is, in the case of an executed transfer instrument, subject to the need for its registration. Compare: 1952 No 51 s 101(1), (3)