Procedure relating to mortgages and the realisation of the security

(1) A sale of any mortgaged property under an order for sale declaring that any mortgage money has become due and payable to the mortgagee, by reason of the breach of some provision contained in the mortgage deed or in this Part and directing that the mortgagee be at liberty to recover it by sale of the property, shall be effected by the Registrar forthwith upon the making of the order, subject to this Part, under Order XLII of the Supreme Court Rules, the mortgagee being deemed “the holder of a judgment for money” within the meaning of rule 4 thereof. (2) Every transfer vesting the freehold or the leasehold in the purchaser of mortgaged property shall in the case of registered land be made by the Registrar in the manner prescribed by rules, under the General Registry Act, Cap. 327, or by deed in the case of other land. 61 (3) The mortgagee shall be entitled to bid at a sale of the mortgaged freehold or leasehold and to become the purchaser thereof.