Section 70

In the interpretation of any law relating to foreclosure of mortgage, unless repugnant to the context, a mortgagor of registered land who is in default shall be deemed to have an equity of redemption, and a mortgagee of registered land shall have the same right to apply to the Court for an order for foreclosure as if the land were not under the provisions of this Act and the mortgagee held a legal estate therein.

The Court, upon any such application, may make an order for foreclosure, and the order when entered in the land-register shall have the effect of vesting in the applicant mortgagee all the estate and interest of the mortgagor in the land mentioned in the order freed from all right and equity of redemption on the part of the mortgagor, and freed and discharged from all liability on account of any mortgage, charge or other interest, registered subsequently thereto except such leases or other interests as may be binding on the applicant mortgagee.[66