South Australian Consolidated Acts South Australian Consolidated Acts23C—Power to purchase equity of redemption in lieu of foreclosure
A trustee unless expressly forbidden by the instrument, if any, creating the
trust, in lieu of proceeding to foreclosure may with moneys held upon the same
trusts as the mortgage debt 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: Provided that—
(a)
before purchasing any such equity of redemption the trustee shall obtain a
report as to the value thereof from a person whom the trustee reasonably
believes to be competent to give a report upon that value, and who is employed
independently of the owner of the equity of redemption; and
(b) the
price paid for the equity of redemption shall not be more than the value
thereof as so reported to the trustee.