Conveyancing Act 1919 No 6
66 Provision by court for incumbrances and sale freed therefrom
(1) Where land subject to any incumbrance, whether immediately payable or not, is sold by the Court or out of court, the Court may, on the application of any party to the sale, direct or allow payment into court, in case of an annual sum charged on the land, or of a capital sum charged on a determinable interest in the land, of such amount as, when invested in Government securities, the Court considers will be sufficient, by means of the dividends thereof, to keep down or otherwise provide for that charge, and in any other case of capital money charged on the land, of the amount sufficient to meet the incumbrance and any interest due thereon; but in either case there shall also be paid into court such additional amount as the Court considers will be sufficient to meet the contingency of further costs, expenses, and interest, and any other contingency, except depreciation of investments, not exceeding one-tenth part of the original amount to be paid in, unless the Court for special reason thinks fit to require a larger additional amount.
(2) Thereupon the Court may, either after or without any notice to the incumbrancee as the Court thinks fit, declare the land to be freed from the incumbrance, and make any order for conveyance or vesting order proper for giving effect to the sale, and give directions for the retention and investment of the money in court.
(3) After notice served on the persons interested in or entitled to the money or fund in court, the Court may direct payment or transfer thereof to the persons entitled to receive or give a discharge for the same on such terms as to the delivering up of deeds or other documents, or on such other terms as the Court thinks fit, and generally may give directions respecting the application or distribution of the capital or income thereof.
(4) This section applies to sales not completed at the commencement of this Act, and to sales thereafter made.
(5) This section applies to land under the provisions of the Real Property Act 1900, and in such case the Registrar-General shall upon payment of the prescribed fee make all necessary recordings in the Register kept under that Act for giving effect to the order.