Homes (Sale of Mortgages) Act 1993 (Tas)

Homes (Sale of Mortgages) Act 1993

An Act to provide for the sale of home mortgages vested in the Tasmanian Development Authority, to amend the Homes Act 1935 and to remove doubts as to the validity of mortgages and acts done under that Act [Royal Assent 23 December 1993]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1 - Preliminary

1. Short title This Act may be cited as the Homes (Sale of Mortgages) Act 1993 .

2. Commencement (1) Parts 1 , 2 and 3 and sections 33 , 36 and 37 commence on the day on which this Act receives the Royal Assent. (2) The remaining provisions of this Act commence on a day to be proclaimed.

3. Interpretation In this Act, unless the contrary intention appears – Authority means the Tasmanian Development Authority; instrument includes – (a) an instrument (other than this Act) which creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed or registered in accordance with any law); and (b) a judgment, order and process of a court; legal proceedings includes an arbitration; liabilities includes all liabilities, duties and obligations, whether actual, contingent or prospective; property means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property and includes money, documents, securities, choses in action and other rights; purchaser means any person, other than the Minister, who is a party to a sale under section 6 and who, by virtue of that sale is the transferee or assignee of, or takes a beneficial interest in, any property and includes the successor or assignee of any such person; rights includes all rights, powers, privileges and immunities, whether actual, contingent or prospective; sale includes a transfer, assignment and any other disposition of property, whether for consideration or not; security means a mortgage or charge, whether legal or equitable, or a debenture, bill of exchange, promissory note, guarantee, lien or pledge or any other property or transaction representing security for the payment of money or for the discharge of an actual or contingent liability; TDA home mortgage means a mortgage vested in the Authority to secure a loan for housing but does not include any such mortgage that under any regulations made and in force under this Act is excluded from the operation of this Act.